New Delhi, Nov 17 (IANS) Karvy has clarified on media reports saying that it has a financial crunch due to the trade in castor seeds contracts.

It stated that that castor seeds is a commodity and the commodities broking business is undertaken in Karvy Comtrade Ltd and does not have anything to do with Karvy Stock Broking Limited.

"These pertain to a few customers, from which the total amount that is now collectible is around Rs 5 crore. The amount involved, given the size of Karvy, is small," it said.

Karvy said that there is no truth in these news articles as far as liquidity issues are concerned. "Where ever a few issues have been raised, we have immediately responded with confirmation on the details of payments made," it said.

"We suspect that these are malicious rumours being spread to adversely affect our businesses & we refute them vehemently," it added.

--IANS san/vd