Share price of battery manufacturer Eveready Industries India tanked 5 percent intraday on July 1 after its auditor Price Waterhouse & Co Chartered Accountants LLP resigned citing reservations on certain inter-group transactions that promoter group made during FY19.
PwC had enquired about these transactions that the company had made, according to the auditor's report attached with the March quarter's financial result. Eveready did not provide "sufficient audit evidence" regarding the possible loss/impairment due to those transactions.
The transactions were in tune of Rs 60 crore. Resultantly, PwC had also refused to give an opinion on the financial statement.
Mumbai-based Singhi & Co has replaced the PwC as auditor of the company, Eveready said in the release.
At 1014 hours, Eveready Industries India was quoting at Rs 76.00, hitting the lower circuit.
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