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Ness Wadia arrest: Shares of Wadia Group companies fall up to 14%

Ness Wadia arrest: Shares of Wadia Group companies fall up to 14%

Ness Wadia arrest: Shares of Wadia Group companies fall up to 14%
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By CNBC-TV18 Apr 30, 2019 10:56:46 AM IST (Updated)

Shares of Wadia Group stocks fell up to 14 percent on news reports that Ness Wadia, Wadia Group heir has been sentenced to a 2-year jail term in Japan for drugs possession.

Shares of Wadia Group companies fell up to 14 percent following news reports that Wadia Group heir Ness Wadia has been sentenced to a 2-year jail term in Japan for drugs possession.

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Bombay Dyeing fell as much as 17.4 percent to Rs 103 per share on BSE, while Bombay Burmah slipped 6 percent to Rs 1,193 and National Peroxide was lower by 5.3 percent to Rs 2,660.
Wadia, the business tycoon and the owner of the Kings XI Punjab cricket team, was arrested at New Chitose Airport in the northern Japanese island of Hokkaido in early March after the customs officials found 25g of cannabis resin in his trouser pockets, the report added. Wadia group had denied reports of Ness Wadia’s arrest after CNBC-TV18 had sent a formal query nearly a month ago.
Wadia admitted to the possession of drugs saying that it was for his personal use, a court official told the Financial Times. He spent a period in detention before his indictment on March 20 and an undisclosed period of detention before a court hearing. The Sapporo District Court handed him a two-year prison sentence, which was suspended for five years, the report further added.
At 10:30 am, Bombay Dyeing was trading at Rs 106.65, down 14.5 percent, National Peroxide fell 4.6 percent at Rs 2,680 and Bombay Burmah was down 2.7 percent at Rs 1,237. In Comparison, the S&P BSE Sensex was trading at 38,771, down 0.7 percent (282 points).
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