Shares of technology firm Vakrangee Ltd went down by 5 per cent today, falling for the tenth straight session, amid concerns over irregularities.
The stock dropped 4.96 per cent to Rs 81.50 -- its lowest circuit as also its 52-week low -- on BSE.
On NSE, shares of the company slipped 4.95 per cent to Rs 81.50 -- its lower price band as also its one-year low mark.
In ten trading sessions, the stock has plummeted almost 40 per cent, wiping out Rs 5,743.75 crore from its market valuation.
Auditing major Price Waterhouse has quit audit mandate of technology firm Vakrangee Ltd, flagging concerns to the corporate affairs ministry about the books of accounts, mainly related to its bullion and jewellery business, even as the company denied any irregularities.
The company is also being probed by the Securities and Exchange Board of India (Sebi), which had earlier probed some other entities having traded in Vakrangee shares, about alleged disclosure and corporate governance lapses, regulatory and government officials said.
BSE had earlier in the day sought clarification from the company with reference to news that Vakrangee comes under Sebi, government scanner after PwC flags concerns.
Later in a clarification to the BSE, the company said, "The management would like to assure that the company's financial statements present the true and fair view of the state of the affairs of the company. The company is fully compliant with the Ind-AS accounting standards."
The audit committee has also reviewed the financial statements and has been fully satisfied with all the information and explanations provided by the company, the filing said.
"The company would like to highlight that we have not received any communication either from stock exchanges or Security Exchange Board of India (SEBI). The rumours of involvement of company in price and volume manipulation are completely baseless and factually incorrect," the firm added.
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