S Kumars plunges 9%; hits 52-week low

The shares of the company lost 8.8% to touch one-year low of Rs 17.6.

Shares of textile major S Kumars Nationwide today fell 9 per cent in view of complaints to the Serious Fraud Investigation Office (SFIO) about alleged violation of corporate governance and other norms by the company.

After opening weak,the shares of the company lost 8.8 per cent to touch one-year low of Rs 17.6 on the BSE.

Similarly,on the NSE,the scrip tanked 9 per cent to a 52-week low of Rs 17.60.

The matter is being examined by the Registrar of

Companies,Ministry of Corporate Affairs had said yesterday.

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The Office of RoC,Mumbai,is examining the reply from the company and any further action in this matter would be taken after receipt of its report,Minister of State for Corporate Affairs R P N Singh had said in reply to the Rajya

Sabha yesterday.

Meanwhile,the company said in a statement to the stock exchanges: “It had received a letter from RoC,Mumbai,asking for comments and clarifications on certain issues raised by an individual. The matters raised by the individual are frivolous

and baseless. The company has already replied in detail to the RoC,Mumbai.

“SKNL follows best practices in corporate governance and believes that its clarifications and stance will more than adequately address any issues raised and forwarded to the company. There is no other review being conducted by any government or regulatory authority with regard to this matter.”