PTC India plunges as independent directors resign

PTC India

07/12/2022 05:07

** Shares of power trading solutions provider PTC India
 PTCI.NS  fall as much as 5% to 90.30 rupees 
    ** Co's independent directors Sushama Nath, Jayant
Purushottam Gokhale and Subhash S. Mundra resigned with effect
from Dec 5, according to an exchange filing
    ** Stock's biggest intraday pct loss since Oct. 21
    ** In Nov, forensic auditor cleared the fraud allegations on
matters raised by the trio
    ** In Jan, the three PTC directors quit citing several
instances of lapses in corporate governance 
    ** PTC board meeting to approve results of quarter ended
June adjourned till Dec. 7
    ** More than 348,000 shares traded by 09:56 a.m. IST, 0.8X
the 30-day avg of 459,113 shares
    ** Two of the analysts covering the stock recommend a "buy"
rating; median PT is 117.00 rupees - Refinitiv data
    ** Up to last close, stock down ~13% YTD, versus the Nifty
500  .NIFTY500  index which rose ~6.2%
 (Reporting by Akansha Victor in Bengaluru)
 ((Akansha.Victor@thomsonreuters.com; Mobile: +919654878265;))