Rolta extends losses despite clarification on Glaucus report

The company clarified that the Glaucus report is completely baseless and has factual errors and inconsistences

Shares of Rolta India which had dropped over 12% in the previous session were down over 4% despite the clarification from the company following a report by Glaucus Research which issued a 'strong sell' recommendation on Rolta India's dollar-denominated bonds due 2019.

"This undated Glaucus Research Report is completely baseless and has factual errors and inconsistences. The Glaucus Research Group has never contacted Rolta to verify any facts. This report is malifide, 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," Rolta India said in a press release.

The stock opened at Rs 151 and touched a low of Rs 145. At 10:10AM, over 2.7 million shares were traded on both the stock exchanges.