India's Edelweiss Financial Services falls on report of govt audit on unit

Edelweiss Financial Services

18/03/2021 08:20

** Shares of investment banking and financial services co
 EDEL.NS  fall as much as 5% to 80.15 rupees, hitting a lower
circuit
    ** India's Ministry of Corporate Affairs (MCA) has ordered 
inspection of Edelweiss Asset Reconstruction's (EARC) books
after a whistleblower complaint, Moneycontrol reported
 urn:newsml:reuters.com:*:nL4N2LG117
    ** Edelweiss Asset Reconstruction is a unit of Edelweiss
Financial Services Ltd
    ** EARC in a statement to stock exchanges said co has not
received any intimation of any inspection being conducted by MCA
 urn:newsml:reuters.com:*:nFWN2LF118
    ** EARC says its dealings are completely above board and
compliant with applicable law
    ** About 11.6 mln shares changed hands, 2.4x 30-day avg
    ** EDEL shares are up 23.1% so far this year as of last
close

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
nallur.sethuraman.thomsonreuters.com@reuters.net))