Ricoh plunges 5 pc amid reports of regulatory scrutiny

Shares of printing and IT solutions firm Ricoh India today slumped by 5 per cent amid reports of Sebi scrutiny into alleged financial irregularities in the firm that has put its top officials in the line of fire.
The company's stock closed at the day's low of Rs 346.60 on BSE, down 4.99 per cent from its previous close. The intra-day high was recorded at Rs 360.
A total of 1.37 lakh shares of the company today changed hands on the exchange. The company's market capitalisation got eroded by about Rs 72.38 crore to Rs 1,378.36 crore.
According to reports, the company is under regulatory supervision and the Securities and Exchange Board of India is examining complaints, including the delay in announcing results of the company.

Earlier this month, its MD and CEO Manoj Kumar resigned from the board after being asked to go on leave amid an ongoing audit in the company by a committee, which includes an independent law firm and accountants.
On April 1, the company had asked Kumar, Arvind Singhal, CFO, and Anil Saini, Senior Vice-President and COO, to proceed on leave as the audit proceedings went on.
In a separate filing, the company had said an independent agency, which has been appointed to assist the audit committee to better understand certain areas where auditors had emphasised further review, is presently conducting a review and the same is likely to be completed soon.