Inox Wind faces turbulence post resignation of auditor

The stock of Inox Wind saw huge volatility in the morning session on Monday following the resignation of its statutory auditors.

Although the auditors stated time constraints as the reason for their resignation, the stock reacted sharply to the development. Post market hours on Friday, the company informed the exchange about the resignation of Patankar & Associates, Chartered Accountants as Independent Auditors of the company. The auditors have completed the audit of the financial year 2017-18 and will respond to queries of all stakeholders during the company's AGM.

On Monday, the stock opened gap down and in pre-opening trade the stock hit a low of Rs. 85.08 per share on BSE. It later recovered, but at 12:44, Inox Wind was quoting Rs. 89.90 per share, down 3.33 per cent.

For Q4FY18, Inox Wind reported consolidated net loss of Rs. 55.66 crore compared to a profit of Rs 128 crore in Q4FY17, due mainly to a significant reduction in revenues. The company's consolidated total income dropped to Rs. 205.64 crore, from Rs 1,033.55 crore in Q4FY17.

Inox Wind is a wind energy solutions company with manufacturing facilities in Ahmedabad (Gujarat), Una (Himachal Pradesh) and Barwani (Madhya Pradesh). The company serves utilities, IPPs, public sector companies and corporate investors.