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Eveready Industries Hits 5% Lower Circuit After PwC Quits as Auditor

In an exchange filing, Eveready had said that PwC has quit citing reservations on certain inter-group transactions, worth Rs 60 crore, that the promoter made during FY19.

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Updated:July 1, 2019, 12:17 PM IST
Eveready Industries Hits 5% Lower Circuit After PwC Quits as Auditor
Logo of of global auditing firm PricewaterhouseCoopers (PwC). Representative image/ Reuters

Eveready Industries India Ltd shares hit lower circuit on Monday after Price Waterhouse & Co Chartered Accountants LLP (PwC) resigned as the auditor of the company. The stock fell 5% to Rs 75.95.

Eveready Industries, in an exchange filing on 29 June, said PwC has quit citing reservations on certain inter-group transactions that the promoter made during FY19. The transactions were to the tune of Rs 60 crore.

PwC had enquired about these transactions, according to the auditor’s report attached with the March quarter financial results. However, Eveready did not provide “sufficient audit evidence” regarding the possible loss/impairment due to those transactions. Resultantly, PwC also refused to give an opinion on the financial statement. Mumbai-based Singhi and Co. has now replaced PwC as the auditor of Eveready Industries.

PwC had earlier resigned as auditor of Reliance Capital and Reliance Home Finance as well over ‘certain observations’ made during its assessment of FY18-19 finances. Reliance Capital opposed the observations highlighted and did not convene an audit committee meeting within the expected time, leading to PwC’s resignation.

Meanwhile, in a separate filing, Eveready Industries said its board signed a deal with Madhu Jayanti International to sell assets worth Rs 6 crore relating to packed tea product business.

According to some media reports, Eveready has also been scouting for a strategic partner for its batteries business and some developments can be expected on this front in the next 45 days.

On 10 June, India Ratings and Research had downgraded Eveready’s credit rating to IND BBB from IND A+ citing increased leverage and weakened liquidity.

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