Friday , September 24 2021

Jaiprakash Associates tumbles as NFRA flags serious lapses in statutory audit

Jaiprakash Associates is currently trading at Rs. 7.96, down by 0.11 points or 1.36% from its previous closing of Rs. 8.07 on the BSE.

The scrip opened at Rs. 7.98 and has touched a high and low of Rs. 8.20 and Rs. 7.80 respectively. So far 296198 shares were traded on the counter.

The BSE group ‘T ‘ stock of face value Rs. 2 has touched a 52 week high of Rs. 15.90 on 17-Jun-2021 and a 52 week low of Rs. 2.71 on 25-Sep-2020.

Last one week high and low of the scrip stood at Rs. 8.79 and Rs. 7.66 respectively. The current market cap of the company is Rs. 1954.22 crore.

The promoters holding in the company stood at 38.21%, while Institutions and Non-Institutions held 3.55% and 58.25% respectively.

Audit regulator NFRA has flagged serious lapses in the statutory audit of Jaiprakash Associates (JAL) for 2017-18, including that transactions violative of accounting and auditing standards would have resulted in more than Rs 3,200 crore loss instead of a profit before tax in the particular financial year.

The infrastructure company’s statutory audit for 2017-18 was conducted by Rajendra K Goel & Co.

Jaiprakash Associates (JAL) is an India-based diversified infrastructure conglomerate. JAL’s business includes seven sectors: engineering and construction, power, cement, real estate, hospitality, expressways, and sports and education.

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