Ricoh India snaps 8-day losing streak, up 2% even as suspicion among investors grows

NEW DELHI: Snapping its eight-day losing streak, shares of Ricoh India recovered after hitting a lower circuit of 5 per cent on Tuesday despite reports minority stakeholders of the Japanese company are likely to move court against the company's board, independent directors, Japanese parent and even the auditors BSR & Co.

The company has not filed its financial results for the September and December 2015 quarters.

Shareholders of the company believe that suspension of the company from trading due to non-filing of results could only aid the Japanese parent, which has twice made unsuccessful attempts to delist.

The Japanese parent owns 73.6 per cent of Ricoh India and the rest is scattered among minority shareholders.

On Tuesday, the stock fell 5 per cent to hit a low of Rs 240.10 on BSE. However, it recovered lost ground to close 2.49 per cent higher.

The stock has lost almost 78 per cent of its market value from its 52-week high of 1,072.25 it hit on July 2, 2105.

The main reason cited for non-filing of results was the longer-than -usual delay by BSR & Co. to furnish the signed quarterly financial reports to the Audit Committee.