Rolta India extends losses, stock down 2.5% at close

Shares of IT firm Rolta India today ended with over 2.5 per cent losses, a day after a research report alleged irregularities in its financial, even as the company termed it as "malicious" attempt to pull down its stock price.
After falling 5.65 per cent to Rs 145.20 intra-day, shares of the company finally settled at Rs 149.95 apiece with a loss of 2.57 per cent on the BSE.
At the NSE, the scrip closed at Rs 150 per scrip, down 2.5 per cent.
On the volume front, 26.57 lakh shares of the company changed hands at the BSE and over 88 lakh shares were traded at the NSE during the day.

In the previous session, Rolta India shares had slumped by over 12 per cent.
A little-known US-based research firm Glaucus Research reportedly had said that Rolta India fabricated its reported capital expenditures in order to mask that it had materially overstated its EBITDA (earnings before income tax, depreciation and amortisation).

Rolta India said it is exploring legal action against the research firm to protect its interests.
In a clarification to the BSE yesterday, Rolta India said, "This undated Glaucus Research Report is completely baseless and has factual errors and inconsistencies.
"The Glaucus Research Group has never contacted Rolta to verify any facts. This report is malafide, malicious and aimed at misleading investors with an ulterior motive - so that Glaucus Research Group can benefit from its short interest in Rolta's bonds."

The company is exploring all avenues including legal remedies to protect its interests, the filing had said.