Eveready Industries locked in 5% lower circuit after PwC resigns as auditor

The auditor quit, saying it has been unable to obtain sufficient audit evidence of inter-company deposits and its recovery.

Eveready Industries shares were locked in the 5 per cent lower circuit at Rs 76 on the BSE on Monday after Price Waterhouse & Co Chartered Accountants LLP (PwC) quit as company's auditors on Friday due to their "inability" to obtain sufficient audit evidence of inter-company deposits and its recovery.

The retail battery and flashlight manufacturer has now appointed Singhi & Co Chartered Accountants as its auditor with effect from June 29, 2019.

“On review of their annual continuance process, PwC expressed its inability to continue as the auditors of the company for the reasons included in the 'Basis of