Stocks

Atlanta shares hit lower circuit limit

Agencies May 31 | Updated on May 31, 2018 Published on May 31, 2018

Shares of construction company Atlanta Ltd fell as much as 19.98 per cent to Rs 51.25, their lower limit for intraday trade, on the back of resignation of statutory auditors of the company.

The company had said on Wednesday that Price Waterhouse Chartered Accountants resigned as its auditors on May 29. Price Waterhouse had flagged concerns about lack of available information, including receipt of income-tax orders.

Earlier, on Monday, the company had informed the BSE that Shankar Vishwanath, an independent director of the company, resigned from the board. Following this development, Atlanta's board meeting for approval of audited results of the company scheduled on Tuesday was postponed.

The company shares touched their lowest since November 2016. More than 1.2 million shares traded as of 0634 GMT, compared with the 30-day moving average of 106,152 shares.

Manpasand Beverages Ltd's auditors too resigned earlier this week citing lack of information from the company. Manpasand shares hit lower limit again, falling nearly 10 per cent on Thursday.

Published on May 31, 2018
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