India's PTC Financial Services jumps as independent audit gives satisfactory report

Ptc India Financial Services

05/07/2022 07:05

** Shares of Indian non-banking financial firm PTC India
Financial Services Ltd  PTCN.NS  rise as much as 19.78%, their
highest intraday pct gain since Jan 2012
    ** PTCN said on Monday an "agency for specialized
monitoring" issued "satisfactory report" after deeming that the
co maintained sufficient transparency (https://bityl.co/D4Ev)
    ** The report said there was no diversion of funds, no
suspicious activity transactions were noted and business
operations of the company are found to be satisfactory 
    ** Earlier this year, the Indian market regulator had
directed PTCN to address corporate governance issues before
holding any board meeting  urn:newsml:reuters.com:*:nL4N2U0164 urn:newsml:reuters.com:*:nL4N2U414E
    ** On Friday, statutory auditors MSKA & Associates resigned
citing stepping down of three ex-independent directors on Board
(https://bityl.co/D4F0)
    ** More than 2.8 mln shares change hands vs 30-day avg of
373,234
    ** PTCN stock down about 37% since corporate governance
issues surfaced in the co in Jan

    

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com))