Talwalkars slumps after auditor resigns

Talwalkars Better Value Fitness was locked in 5% lower circuit at Rs 8.2 at 12:28 IST on BSE after M.K. Dandeker & Co. resigned as the statuary auditors of the company.

The auditors claimed they didn't receive satisfactory responses for their queries raised from those charged with governance and management during the audit of the company's accounts for the year 2018-2019.

In a separate announcement after market hours yesterday, the company said that one of its independent directors, Raman Maroo, resigned from the board with effect from 26 August 2019 due to his advanced age and other professional commitments.

On the BSE, 51,801 shares were traded in the counter so far compared with average daily volumes of 88,179 shares in the past one quarter. The stock hit a high of Rs 9 and a low of Rs 8.2 so far during the day.

 

The stock hit a 52-week high of Rs 65.5 on 16 Apr 2019. The stock hit a 52-week low of Rs 7.8 on 27 Aug 2019.

The scrip has underperformed the market in past one year, down 73.42% as against Sensex's 2.72% fall.

On a consolidated basis, the company reported a net loss of Rs 15.61 crore in Q1 June 2019 over a net profit of Rs 1.46 crore in Q1 June 2018. Net sales fell 73.2% to Rs 3.21 crore in Q1 June 2019 over Q1 June 2018.

Talwalkars Better Value Fitness operates in wellness segments like club, yoga, nutrition, Zumba, weight loss, etc.

Powered by Capital Market - Live News