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This Stock Fell Over 30% This Week And No This Time It's Not Due To Auditor's Issue
The stock of 8K Miles Software Services fell over 30% this week with a decline to the tune of 20% in the Monday's trading session. The software services have recorded a 52-week low on both the BSE and NSE at Rs. 332.15 and Rs. 313.80, respectively.
The company's CEO and chairman in an exclusive interview to the leading business channel said the quarterly result announcement has been deferred to July 17. Also, he added justifying delay in result announcement by saying, "There is no auditor problem or no issues. We adapted the Indian Accounting Standards (Ind AS) for the consolidated first time this year so it will take a little longer. We announced the news last night that we will be releasing our consolidated financial on July 17".
The current auditor of the company Deloitte came on board in 2017 and till now no red flags have been reported in the company's system.
At the same time, he highlighted an expansion in its product mix. "Going forward we do not anticipate any delays and we would be able to even release our first quarter results quickly," he added.
On business front, he said, "The company is doing great, the asset business - we are expanding very well. We have lined up a lot of new accounts, we have opened up multinational accounts very recently also. So we are growing in our both healthcare and pharma sector."
Also,the company is expanding his geographical landscape by expanding in countries like the UK and Singapore.
At 1:18 pm, the company was quoting down by close to 15% at Rs. 333.20 on the BSE.
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