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Grant Thornton is auditor to Educomp

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IT education solutions provider Educomp today said it will appoint global consultancy firm Grant Thornton as internal auditor for the company, and will work with the government and regulators to reinstate credibility in the firm. Last month, media reports surfaced that Educomp had allegedly fudged turnover figures and promoters of the company had been trading in their own shares and in unquoted subsidiaries. However, the company rejected reports of promoters diluting their stake where share prices were ruling high and denied that there are fictitious assets on the books of the firm. 'The promoters' group has so far sold only about 5.07%. The promoters still hold 55.03 % in the company,' Educomp had said. Following the report the shares of the company took a hammering and plunged over 22 % in a single day on January 21.

Shares of Educomp today plunged nearly 15 % to a low of INR 1,450 in the morning trade. It was later trading at INR 1,498.30, down 11.80 % in late afternoon trade on the BSE.

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