Shares of packaging firm Uflex hit the 20% lower circuit for the second straight day on Wednesday as a CBI (Central Bureau of Investigation) special court sentenced chairman and managing director Ashok Chaturvedi for four years imprisonment in the Noida land scam.
The stock hit a lower circuit of R156 in early trade, before closing at Rs 163 on Bombay Stock Exchange, down by around 16%.
On Tuesday, the stock closed at R195, down by around 20%.
The company said in a statement to the BSE that the conviction of its chairman would not affect operations, as it is a board-run, professional-managed company.
Meanwhile, reports that the Intelligence Bureau is suspecting stock rigging by Ruchi Soya, Karuturi Global and KS Oil, and has sent a report to the CBI, sent their shares plunging.