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Reliance Capital, Reliance Home Finance shares slump after Pwc resigns as auditor

Reliance Capital, Reliance Home Finance shares slump after Pwc resigns as auditor

Reliance Capital, Reliance Home Finance shares slump after Pwc resigns as auditor
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By CNBC-TV18 Jun 12, 2019 10:43:23 AM IST (Published)

Shares of Reliance Capital and Reliance Home Finance fell on Wednesday after statutory auditor PwC resigned from the two Anil Ambani-led companies.

Shares of Reliance Capital and Reliance Home Finance fell on Wednesday after statutory auditor PwC resigned from the two Anil Ambani-led companies.

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Reliance Capital shares fell as much as 7 percent to Rs 87.40, while Reliance Home Finance’s stock declined about 10 percent to Rs 16.05 intraday on the National Stock Exchange.
Pwc said it did not receive a satisfactory response from the company with regards to certain observations the auditor made as part of the ongoing audit for the fiscal year 2018-19, according to a June 12 regulatory filing by Reliance Capital.
“According to PWC, these actions by the Company have prevented it from performing its duties as statutory auditors and exercising independent judgment in making a report to the members of the Company, and impaired its independence, and hence, it is no longer in a position to complete the audit and instead feels compelled to withdraw from the audit engagement and resign,” the filing read.
Reliance Capital said it does not agree with the reason provided by PWC for the resignation. “The company has duly responded to the various queries and letters of PWC and has also duly and validly convened a meeting of the Audit Committee on June 12, 2019 to further respond to the letter dated May 14, 2019 from PWC,” said Reliance Capital
At 10.08 AM, Reliance Capital shares traded 1.98 percent lower at Rs 91.80 per share and Reliance Home Finance was down 2.25 percent at Rs 17.40 per share.
Among other Anil Dhirubhai Ambani Group companies, Reliance Infrastructure shares were up 0.39 percent at Rs 64.90 per share, while Reliance Communications fell 2.8 percent to Rs 1.70 per share.
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