Strides Shasun denies rumors of auditor resignation

Pharma major Strides Shasun denied rumors that its auditors had resigned.

The rumors, coming close on the heels of a similar development at Manpasand Beverages, had impacted the company’s share price today morning.

Shares of Strides Shasun fell to a low of Rs 397 compared to the close of Rs 423 yesterday, before making up some of the lost ground.

“The Company wishes to clarify that the company has already declared audited financial results for the financial year 2017-18 on May 18, 2018 and Ms B S R & Co, the statutory auditors of the company have issued the auditors’ report for the financial year ended March 31, 2018 with unqualified opinion in respect of the standalone and consolidated financial results, the copies of which has already been submitted to the Stock Exchanges.

“We, therefore, wish to clarify that the rumours are malicious and unfounded and there is no truth in the matter,” it said today.

Strides Arcolab is an Indian pharmaceutical company headquartered at Bangalore.

The company manufactures pharmaceutical products, over-the-counter drugs and nutraceuticals. Products include softgel capsules, hard-gel capsules, tablets and dry and wet injectables.

Meanwhile, shares of Manpasand Beverages continued to plough new depths today and were locked in the 20% lower circuit today at Rs 275.40, a day after they fell 20% after auditors Deloitte stepped down as the company’s statutory auditors of the company, citing lack of disclosure by the company.