to Sell with a target price of Rs 15, which implies over 75% downside from current levels, citing high debt, ``unusual`` accounting policies and poor corporate governance standards as the key reasons. Reacting to the Veritas report, RCom spokesperson said, ``Veritas report lacks any credibility and is mala fide. Orchestrated media dissemination reveals ulterior and dishonest motives. Report full of factual inaccuracies and baseless allegations masquerading as research. RCOM is fully compliant with all prescribed accounting policies and governance norms. Attributed valuations reflect Veritas` complete lack of understanding of RCOM`s assets and businesses. Veritas is systematically working to destroy confidence in Indian capital markets through sensationalist reports.`` Shares of the company declined Rs 3.8, or 5.83%, to trade at Rs 61.35. The total volume of shares traded was 3,780,615 at the BSE.
Veritas report lacks any credibility and is mala fide: