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Authors: Jordan NEW DELHI: Shares of technology firm Vakrangee hit 5 per cent lower circuit limit in Monday's trade after auditing major Price Waterhouse quit audit mandate of the firm, flagging concerns to the corporate affairs ministry about the books of accounts, mainly related to its bullion and jewellery business.
The stock fell 5 per cent to hit a low of Rs 81.25 on BSE.
In a filing to BSE, the company said it has appointed AP Sanzgiri Co as statutory Auditors for FY18 until the conclusion of ensuing annual general meeting (AGM) to fill in the casual vacancy caused due to resignation of Price Waterhouse.
For its retail outlets called 'Vakrangee Kendra' and billed as the 'One-stop shop' to avail various services and products, the company had talked to some big jewellers and banks but many of those couldn't fructify, PTI reported.
The company had acquired some shares in PC Jewellers also, which they are believed to have sold already and a proposed tie-up between the two could not be concluded, sources aware of the developments told PTI.
The company is 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 told PTI.
