Tarc hits the floor after SEBI orders forensic audit to scrutinize financials for FY21-23

Tarc hit a lower circuit of 10% at Rs 189.55 after Securities and Exchange Board of India (SEBI) has appointed forensic auditor to investigate the financial statements of the company for FY21 to FY23, citing potential impact on investors interest.

SEBI believes that the disclosure of financial information and business transactions of the company have been dealt with in a manner which may be detrimental to the interest of investors or the securities markets; and or an intermediary or a person associated with the securities market.

The company said that it shall provide all necessary information, assistance and cooperation in this regard and shall inform the exchanges of any further developments in the matter.

The company stated that this matter will be addressed thoroughly and efficiently, with no impact on financial, operational or other strategic objectives. The company is confident that this will not affect its strong growth trajectory or the long-term value it is committed to deliver to its shareholders.

TARC, a leading luxury real estate developer, is focused on delivering high-quality residential projects in Delhi and Gurugram. With a strong financial position and a prime land bank, the company aims to further its expansion in the luxury real estate market.

On a consolidated basis, TARC reported net loss of Rs 67.35 crore in Q2 September 2024 as against net profit of Rs 1.08 crore in Q2 September 2023. Net sales declined 85.50% YoY to Rs 4.31 crore in Q2 September 2024.

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