June 15, 2018 / 4:33 AM / 3 days ago

BUZZ-India's Vakrangee hits lower circuit on weak quarterly results

** Shares of Vakrangee Ltd slide as much as 5 pct to the lower price band at 41.20 rupees

** Tech firm involved in BFSI, govt-to-citizen and business-to-consumer services, said here on Thursday March-quarter consolidated profit nearly halved, hurt by nearly 50 pct surge in total expenses

** Based on current capex plan for ATM business and increased marketing costs, co said it plans to change its capital allocation policy at a later time

** VAKR stock has taken a beating following the resignation of Price Waterhouse & Co as auditors on concerns about company’s accounts, mainly related to its bullion and jewellery business

** Local media have also reported that VAKR was facing regulatory scrutiny on alleged disclosure and corporate governance lapses

** Co said on Thursday it did not get show-cause notice from exchanges or any regulatory body for involvement in price and volume manipulation

** More than 15.2 mln shares change hands, compared with 30-day moving avg of 9.7 mln

** As of Thursday, stock had fallen nearly 90 pct this year

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