Ricoh India shares up 2% after clarification

NEW DELHI: Shares of Ricoh India gained 2 per cent on Wednesday after the company allayed investor concerns over the delay in filing of earnings for two consecutive quarters. The stock rose 4.2 per cent to hit an intra-day high of Rs 809 on Wednesday after closing at Rs 776 on Tuesday.

Manoj Kumar, MD & CEO, Ricoh India, said the new auditors are "taking a little longer to understand our processes".

“The auditors are trying to understand our work flow in order to come to a stage where they can form an opinion on our results. I see nothing unusual in it. Their work is going on and we are hopeful of doing a closure on it very soon," he told ET Now.

Asked if there was a delay in handover from the previous auditors, Kumar said, "There is no procedural delay in terms of handover from the previous auditors. There are no accounting irregularities and there is nothing wrong with the recording of sales. This is just a procedural delay, which should get over shortly and we should be able to come out with the results."

However, he did not give a final date for the release of the quarterly numbers. The automation company did not file its results for the quarter ending September 30.