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Shares of wind energy company Inox Wind Ltd dropped as much as 8.6 per cent to a record low of Rs 85.10. The stock posted its biggest intraday percentage drop since February 6.
The company had said on Saturday that its statutory auditors Patankar & Associates had resigned on Friday, citing “time constraints”.
Inox Wind said that it was logistically difficult for P&A to continue as auditors for the company and the resignation was not because of issues in financial statements or corporate governance. The company said it would propose a replacement at its board meeting on Monday.
Over 1 million shares traded, 7.5 times their 30-day moving average of 137,097. Up to Friday's close, the stock had fallen 35.5 per cent this year.
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