MUMBAI: Shares of Delhi-based property developer TARC tumbled 10% on Tuesday after market regulator Sebi ordered a forensic audit of the financial statements of the company between financial years 2021 and 2023.
“Sebi believes that the disclosure of financial information and business transactions of the company have been dealt with in a manner which may be detrimental to the interest of investors or the securities markets; and/or an intermediary or a person associated with the securities market,” the company said in exchange filing.
TARC said that it shall provide all necessary information, assistance and cooperation concerning the forensic audit and shall inform the exchanges of any further developments in the matter.
Shares of TARC surged 43% in the last one year compared to a 46% rally in the Nifty Realty index.
The company stated that the matter will be addressed thoroughly and efficiently, with no impact on financial, operational or other strategic objectives. “We are confident that this will not affect our strong growth trajectory or the long-term value we are committed to delivering to our shareholders.”
