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Down and out! This stock hit lower circuit for 25th session in a row

NEW DELHI: The ordeal of Mumbai-based technology company Vak..

NEW DELHI: The ordeal of Mumbai-based technology company Vakrangee just doesn't seem to get over.

On Monday, the stock hit lower circuit limit for the 25th session in a row. The stock has lost over 70 per cent since it last closed in the green on April 20.

On that day, the share price read Rs 135.75, which is now down to Rs 39.95 as of Friday's close. At 02:45 pm, the stock was locked in lower circuit limit of 5 per cent at Rs 38 on the BSE.

Earlier this month, auditing major Price Waterhouse quit audit mandate of the firm. It flagged concerns to the corporate affairs ministry about the books of accounts, mainly related to the company's bullion and jewellery business.

The e-service provider appointed AP Sanzgiri & Co as statutory Auditors for FY18 until the conclusion of the annual general meeting (AGM) to fill the casual vacancy caused due to the resignation of Price Waterhouse.

For its retail outlets called 'Vakrangee Kendra' and billed as the 'One-stop shop' to avail of various services and products, the company was in talks with some big jewellers and banks, but many of those couldn't fructify, PTI reported.

This apart, Vakrangee is being probed by the Securities and Exchange Board of India (Sebi) about alleged disclosure and corporate governance lapses, regulatory and government officials said.

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