Vakrangee plunges 5% as MCA orders probe into co's accounts

NEW DELHI: Shares of Vakrangee plunged 5 per cent in Monday’s trade after the Ministry of Corporate Affairs ordered an investigation into its books for three financial years under the Companies Act.

The stock fell 5 per cent to hit a low of Rs 27 on BSE. The scrip has plunged 93 per cent year-to-date.

The scope of the probe will include the resignation of Price Water House as statutory auditors of the company. The MCA probe will also look into the tax filings, number of Vakrangee Kendras located in India and the shareholding structure of the company.


Vakrangee has welcomed the probe by the ministry saying that the company will cooperate with the investigation as it will help in clearing all doubts regarding its financials and books of accounts.