“The company has appointed Ernst & Young LLP to review our supply chain systems and processes,” Welspun India has said in a BSE filing. On Thursday, Welspun India had made an announcement about appointing an external auditor ‘one of the Big Four’ to look into alleged lapses in its products supplied to clients. Sales to Target Corp was approximately $ 90 million in 2015-16 for Welspun India and accounted for almost 10 per cent of its overall business. Global retail giant Walmart is also reviewing cotton certification records of Welspun India. Shares of Welspun India were trading at 52.05 apiece in the afternoon trade, down 4.32 per cent from the previous close on BSE.

Source: The Hindu August 26, 2016 09:00 UTC