MUMBAI, Apr 17: Shares of IT firm Rolta India today further declined by nearly 6 per cent after a research report alleged irregularities in its financial, even as the company termed it as “malicious” attempt to pull down its stock price.
The stock plunged 5.65 per cent to Rs 145.20 per scrip on the BSE.
At the NSE, it dipped 5.75 per cent to Rs 145 apiece.
In the previous session, Rolta India shares had slumped by over 12 per cent.
A little-known US-based research firm Glaucus Research reportedly had said that Rolta India fabricated its reported capital expenditures in order to mask that it has materially overstated its EBITDA (Earnings before income tax, depreciation and amortisation).
Rolta India said it is exploring legal action against the research firm to protect its interests.
In a clarification to the BSE yesterday, Rolta India said, “This undated Glaucus Research Report is completely baseless and has factual errors and inconsistencies.
“The Glaucus Research Group has never contacted Rolta to verify any facts. This report is malafide, malicious and aimed at misleading investors with an ulterior motive – so that Glaucus Research Group can benefit from its short interest in Rolta’s bonds.”
The company is exploring all avenues including legal remedies to protect its interests, the filing had said. (PTI)
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