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Eveready Industries shares drop 5 per cent after PwC quits as its auditor

PwC quit as Eveready Industries' auditor, saying it has been unable to obtain sufficient audit evidence of inter-company deposits and its recovery.

Published: 01st July 2019 03:36 PM  |   Last Updated: 01st July 2019 03:36 PM   |  A+A-

Eveready batteries. (Photo| Amazon)

By PTI

NEW DELHI: Shares of Eveready Industries fell 5 per cent Monday after Price Waterhouse & Co Chartered Accountants quit as the auditor of the company.

The scrip of the lead battery major declined 5 per cent to hit its lower circuit of Rs 76 on the BSE. On the NSE, shares of the company also touched their lower circuit, tumbling 4.94 per cent to Rs 75.95.

Price Waterhouse & Co Chartered Accountants LLP (PwC) quit as Eveready Industries' auditor, saying it has been unable to obtain sufficient audit evidence of inter-company deposits and its recovery.

"Price Waterhouse & Co has expressed its inability to continue as the auditors of the company," Eveready said in a regulatory filing.

PwC quit as Eveready Industries' auditor, saying it has been unable to obtain sufficient audit evidence of inter-company deposits and its recovery.

Meanwhile, the troubled lead battery major Sunday announced an agreement with the Madhu Jayanti International Private Ltd (MJlPL) for its loss-making packet tea business to reduce stress on working capital.

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