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Last Updated : Jun 13, 2019 11:31 AM IST | Source: Moneycontrol.com

RCap drops 5% after PwC alleges accounting irregularities; co hits back

The ADAG company in an exchange release said the observations of the auditor were "baseless and unjustified", further accusing PWC of acting "prematurely" without statutory discussions with the Audit Committee of the company.

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Shares of  dropped as much as 5 percent intraday on June 13 after former auditor Price Waterhouse & Co (PWC) alleged irregularities in the books of accounts of the company.

The ADAG company in an exchange release said the observations of the auditor were "baseless and unjustified", further accusing PWC of acting "prematurely" without statutory discussions with the Audit Committee of the company.

PWC, which resigned as the auditor of Reliance Cap on June 12, alleged diversion of funds and transactions between Reliance Cap, Reliance Home Finance and other ADAG group companies.

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At 11.19 hrs, Reliance Capital was quoting Rs 83.50, down 4.57 percent in the BSE.

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First Published on Jun 13, 2019 11:27 am
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