IndoStar Capital freezes at 10% lower circuit on accounting discrepancies

The company may have to make an additional expected credit loss provisions between Rs 557 crore - Rs 677 crore due to the "certain observations and control deficiencies" made by an external auditor.

Shares of IndoStar Capital Finance was locked at the 10 per cent lower circuit at Rs 184.30 on the BSE in Monday’s trade after the company said it found certain discrepancies in its commercial vehicle loan portfolio.

Till 10:49 am, a combined 29,000 equity shares changed hands and there were pending sell orders for 500,000 shares on the NSE and BSE.

The stock of the non-banking finance company (NBFC) traded at its 52-week low level. It listed on May 21, 2018. The stock tanked 68 per cent from its issue price of Rs 572 per share. In the