8K Miles Software tanks 5% on rumours of forgery at a promoter entity

8K Miles Software Services share price was locked in 5 percent lower circuit at Rs 213 on Wednesday despite clarification by the company on forgery of signatures.

An employee of 8K Miles Media Pvt. Ltd alleged that the company forged his signatures on bank investment certificates to transfer money abroad, BloombergQuint reported.

Stock  touched a 52-week low of Rs 213.00, a drop of 5 percent from the previous close.

The company issued a clarification to the BSE, stating that 8K Miles Media is not a subsidiary or an associate company of 8K Miles Software Services.

"8K Miles Software Services Limited is not involved in any manner to the issues raised by the auditors of 8K Miles Media Private Limited," the company said in the statement.