Wholesale Distributor Washing machine Electric appliance store chain’s stock price drops as regulator probes issue

Electric appliance store chain’s stock price drops as regulator probes issue

Electric appliance retailer ACB is investigating a case in which a buyer allegedly asked the company to purchase its stock on the basis of a promise that it would deliver the goods on time and at a reasonable price.

In response to a query from ET, the company said the company is conducting a thorough inquiry and that it will respond in due course.

It did not comment on the nature of the inquiry.

In the last month, ACB has suspended four of its retail outlets in the state of Karnataka over alleged misappropriation of funds, while the company has faced protests in Kerala, which has the second-highest number of electric appliance stores in the country.

In November, the regulator banned the company from trading in the State for a year, and has ordered it to make a formal submission to the Kerala high court.

The Karnataka Electricity Regulatory Board (KERB) has also issued an order to the company seeking details of the sale of its shares.

The probe into the matter is in its early stages, the board said.

ACB will also look into the circumstances under which the buyer asked the firm to buy its shares for the sale.

ACBC did not respond to ET’s queries.

The regulator did not disclose any details of any alleged transaction or transaction transactions.