Shares of textile major S Kumars Nationwide today fell 9 per cent intra-day after complaints to the Serious Fraud Investigation Office about alleged violation of corporate governance and other norms by the company.

At close today, shares of S Kumars Nationwide trimmed some of the initial losses and ended at Rs 18.30, down 5.18 per cent on the BSE.

Intra-day, the scrip lost 8.8 per cent to touch a 52-week low of Rs 17.6.

On the NSE, the stock closed 5.43 per cent lower at Rs 18.30.

In terms of volume, 31.22 lakh shares of the company were traded on the BSE, while over one crore shares changed hands on the NSE.

In contrast, in the broader market the Sensex ended higher by 56.47 points 17,440.87.

The matter is being examined by the Registrar of Companies, Ministry of Corporate Affairs had said yesterday.

The Office of RoC, Mumbai, is examining the reply from the company and any further action in this matter would be taken after receipt of its report, Minister of State for Corporate Affairs RPN Singh had said in reply to the Rajya Sabha yesterday.

Meanwhile, the company said in a statement to the stock exchanges: “It had received a letter from RoC, Mumbai, asking for comments and clarifications on certain issues raised by an individual. The matters raised by the individual are frivolous and baseless. The company has already replied in detail to the RoC, Mumbai.

“SKNL follows best practices in corporate governance and believes that its clarifications and stance will more than adequately address any issues raised and forwarded to the company. There is no other review being conducted by any government or regulatory authority with regard to this matter.”

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