Auditors: As more auditors quit, D-Street sees reason to worry

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Last year, the stocks of several companies such as Vakrangee and Manpasand fell after their auditors resigned.

Synopsis

The stock of UPL fell as much as 9% on Friday after KPMG resigned as the auditor of its material arm in Mauritius, though it was to re-organise the audit process.

Mumbai: There has been a spate of resignations by company auditors recently for reasons ranging from disputes with India Inc over fees to non-cooperation by companies as well as the cryptically termed ‘other grounds’, leading market participants to think that the stated reasons may not reflect the true picture.Since April 1, auditors at more than 30 NSE-listed companies have resigned abruptly mid-way through their term, with more than half

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