Multibagger stock: Shares of TARC Ltd plunged 10 per cent in Tuesday's trade after the residential and commercial project developer said the market regulator Sebi has appointed forensic auditor with respect to financial statements of the company for financial years 2020-21 to 2022-23.
The stock tumbled 10 per cent to hit a low of Rs 189.55 on BSE. The stock hit a 52-week high of Rs 275.50 on October 7. Since then, it has been falling. The multibagger stock, which is still up 38 per cent in 2024 so far, has gained 328 per cent in the past two years.
Sebi believes that the disclosure of the financial information and business transactions of the company have been dealt with a manner which may be detrimental to the interest of investors or the securities market; and/or an intermediary or a person associated with the securities market.
TARC said it would provide all necessary information, assistance and cooperation in this regard and information the stock exchanges of any further developments in the matter. "The company remain committed to maintaining the highest standards of corporate governance, ensuring that all processes are conducted with integrity and transparency. This matter will be addressed thoroughly and efficiently, with no impact on financial, operational or other strategic objectives," TARC said.
The company said it is confident that this will not affect its strong growth trajectory or the long-term value, saying it is committed to deliver to its shareholders.
"We believe this audit will eventually enhance shareholder trust, as we continue to prioritise transparency, compliance, and accountability in all areas of our business," TARC said.