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Uflex hits lower circuit
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.
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.
