Vakrangee locked in 5% lower circuit as PwC flags concerns on firm’s accounts

Shares of Vakrangee were locked in 5 percent lower circuit after it has come under the radar of SEBI after auditor PwC has raised some concerns.

It has touched an intraday high of Rs 81.50 and an intraday low of Rs 81.50.

Auditing major Price Waterhouse quit audit mandate of technology firm Vakrangee, flagging concerns to the corporate affairs ministry about the books of accounts, mainly related to its bullion and jewellery business, even as the company denied any irregularities.

The company is also being probed by the Securities and Exchange Board of India (Sebi), which had earlier probed some other entities having traded in Vakrangee shares, about alleged disclosure and corporate governance lapses, regulatory and government

officials said.

There were no comments from Vakrangee as well as PwC, which resigned as the statutory auditor of Vakrangee before completing even a year of auditing assignment with the company.

Incorporated in 1990, Vakrangee calls itself a "unique technology driven company focused on building India's largest network of last-mile retail outlets to deliver real-time banking, insurance, e-governance, e-commerce and logistics services to the unserved

and under-served rural, semi-urban and urban markets".

For its retail outlets called 'Vakrangee Kendra' and billed as the 'One-stop shop' to avail various services and products, the company had earlier talked to some big jewellers and banks but many of those couldn't fructify.

At 09:56 hrs Vakrangee was quoting at Rs 81.50, down Rs 4.25, or 4.96 percent, on the BSE. It has touched a 52-week low of Rs 81.50.