Shares of real estate firm TARC slide 10% after Sebi orders forensic audit

Shares of real estate company TARC hit the 10 per cent lower limit on Tuesday following an order by the Securities and Exchange Board of India (Sebi) directing the firm to appoint a forensic auditor to review the financial statements between FY21 and FY23.

 

“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,” stated the company in a disclosure to the exchanges.

 

TARC added that it will provide all information, assistance and cooperation, and that it remains committed to ‘highest standards of corporate governance’.

 

“This matter will be addressed thoroughly and efficiently, with no impact on financial, operational or other strategic objectives. We are confident that this will not affect our strong growth trajectory or the long-term value we are committed to deliver to our shareholders,” stated TARC.