SREI Infrastructure Finance informed that a special audit of the company and its subsidiary, Srei Equipment Finance Limited, is being undertaken by an auditor appointed by the Reserve Bank of India.

                                 

SREI Infrastructure Finance share price declined over 13 percent intraday on November 13 after the firm informed that a special audit of the company and its subsidiary, Srei Equipment Finance Limited, is being undertaken by an auditor appointed by Reserve Bank of India.

"We would like to inform you that a special audit of the company and its subsidiary, Srei Equipment Finance Limited, is being undertaken by an auditor appointed by Reserve Bank of India (RBI) in the exercise of its powers under Section 45 MA(3) of the RBI Act, 1934," the company said in an exchange filing.

The stock was trading at Rs 5.80, down Rs 0.91, or 13.56 percent at 14:00 hours. It has touched an intraday high of Rs 6.53 and an intraday low of Rs 5.66.

"Brickwork Ratings India Pvt Ltd (Brickwork) has revised the ratings for Perpetual Debt Instrument aggregating to Rs 10 crore of the company," SREI Infrastructure Finance said in a regulatory filing on November 21.

Srei Infrastructure Finance reported a drop of 91.5 percent in its consolidated net profit at Rs 4.72 crore in the second quarter ended September 2020. It had posted a net profit of Rs 55.37 crore in the year-ago period. Sequentially, the profit was also down from Rs 23.01 crore posted in the June quarter of the current fiscal year.

Total consolidated income of the financing company fell to Rs 1,182.21 crore during the July-September period of 2020-21 as against Rs 1,424.18 crore in the same period of 2019-20, it said in a regulatory filing. Consolidated assets under management stood at Rs 43,339 crore as on September 30, 2020, as compared to Rs 44,213 crore as on June 20, 2020, it said in a release.