Reliance Home Finance, Rel Capital shares continue to drop

Shares of Reliance Home Finance and Reliance Capital continued to fall Thursday, with the former plunging up to 12.3 per cent after PWC resigned as statutory auditor of both companies.

Reliance Home shares tumbled 12.32 per cent to close at Rs 14.95 on the BSE. During the day, it dropped 13.78 per cent to hit its 52-week low of Rs 14.70.

The scrip of Reliance Capital fell 3.54 per cent to close at Rs 84.40. During the day, it tanked 6.28 per cent to a one- year low of Rs 82.

On Wednesday, shares of Reliance Capital and Reliance Home tumbled up to 7 per cent.

Anil Ambani-led Reliance Capital Thursday said its erstwhile statutory auditor Price Waterhouse & Co Chartered Accountants' (PWC) observations about its accounts were "completely baseless and unjustified".

On Wednesday, both firms said PWC had resigned as auditor citing unsatisfactory response to "certain observations" made by it as a part of the ongoing audit for 2018-19 financial year.

The firms on Wednesday said they did "not agree with the reasons given by PWC" for its resignation.