| The stock hit a 52-week low of Rs 579 today and is down 17.8% over the past year. According to the company's internal estimates, the discrepancies are expected to have an adverse impact amounting to 4% to 5% of the company's net worth, as stated in a regulatory filing on Saturday, 26 April 2025. The company explained, During the course of Annual Physical Verification of Inventory undertaken by the company for the Financial Year ended 31 March, 2025, which commenced from 6 April, 2025, it was observed that there have been discrepancies in certain cases of inventory. In response, the company's Audit Committee made the decision to appoint independent external agencies to ensure transparency, accountability, and adherence to the highest standards of Corporate Governance and to prevent similar issues in the future. Ramkrishna Forgings further clarified, On the basis of the final joint report by the independent external agencies, the company will appropriately account the impact in its financial statements on a one-time basis. The company emphasized that this incident was a first-ever occurrence in its history. The promoters of the company, acknowledging the potential adverse impact on the company's net worth, expressed their commitment to protecting stakeholder interests and maintaining the highest corporate governance standards. To mitigate the assessed impact upon completion of the fact-finding study, the Promoters have assured investors that they will fund the impact through permissible instruments under applicable laws, the Kolkata-based company added. Ramkrishna Forgings is primarily engaged in manufacturing and sale of forged components of automobiles, railway wagons & coach and engineering parts. On a consolidated basis, net profit of Ramkrishna Forgings rose 14.68% to Rs 99.61 crore while net sales rose 7.85% to Rs 1073.78 crore in Q3 December 2024 over Q3 December 2023. Powered by Capital Market - Live News |