Talwalkars Better shares hit a lower circuit in intra-day trade on Wednesday after the company's statutory auditor MK Dandeker & Co resigned as the company did not respond properly and satisfactorily to the queries put forth by the audit firm.
In a filing to the BSE, the audit firm raised queries during the audit of the company's accounts.
The stock on the BSE has hit a 52-week low of Rs. 8.2 per share while made an high of Rs. 9 per share.
Hence the auditors issued their audit report under section 143 of the Companies Act, 2013 "with disclaimer of opinion as required by Standards on Auditing (SA)-705 and under those circumstances and as per guidance note issued by ICAI in November 2018, they have informed that they cannot continue as statutory auditors of the company".
Meanwhile, the company's independent director also resigned from the company's board.
Also, as per a leading dailies report, Maroo pointed out that the company has defaulted on its debt payments and need commitment from some one devoted.