Brokerage takes down faulty article on PG Electroplast, conveys regrets

HDFC Securities has issued a formal apology to PG Electroplast after the company raised concerns over an article published on the brokerage's HDFC Sky platform that, according to PG Electroplast, contained factual inaccuracies and misleading observations about its financial health.

In a stock exchange filing on Tuesday, PG Electroplast said the article, titled "PG Electroplast in Limelight After Red Flags in Financial Health Raise Warnings," was published on December 5 and was found to include statements that were factually inaccurate, unsubstantiated, and not reflective of the company’s actual financial position and operational performance.

The company said it immediately reached out to HDFC Securities seeking a review and correction.


On December 9, HDFC Securities responded in writing, informing PG Electroplast that its internal team had conducted a subsequent review and identified "unintentional glitches" in the article. The brokerage confirmed that the story was taken down from the HDFC Sky platform on December 8.

It also extended "sincere apologies" to PG Electroplast and its stakeholders for any inconvenience caused.

PG Electroplast had earlier separately issued a clarification stating that it fully complies with all disclosure requirements under Sebi's listing rules and that there were no undisclosed developments regarding its financial health or operations.

The company said its audited financial statements and quarterly results accurately represent its financial position and are prepared according to applicable accounting standards. PG Electroplast added that all material information is regularly shared with stock exchanges in a timely manner.

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