The 8K Miles Software Services stock closed 18.97% or 74 points lower on Tuesday. The stock has lost nearly 39% in two days. On Monday, the stock closed over 20% lower on the BSE. Today, the stock opened at 349 level and ended at 317 level. It hit its fresh 52-week low of 314.50 level on BSE.
The fall can be attributed to a delay in the announcement of consolidated Q4 and annual earnings of the company.
Commenting on the same, company's chairman and chief executive officer Suresh Venkatachari told CNBC-TV18 that the firm adopted the Indian Accounting Standards for the consolidated statements this year for the first time ever. The firm underestimated accounting challenges in adopting Indian Accounting Standards which led to the delay.
Venkatachari added that there were no auditor problems or other issues the firm was facing.
The IT firm announced yesterday that it would declare its consolidated Q4 and annual earnings on July 17, 2018.
The firm announced its standalone Q4 and annual earnings on May 30, 2018.
The stock is down 41.23% during the last one year and has fallen 65% since the beginning of this year.
8K Miles Software Services is a global cloud and security solutions provider and Next Generation Cloud MSP headquartered in the San Francisco Bay area and a publicly traded company listed on BSE and NSE.