Amidst media reports that Ness Wadia has been sentenced to a two-year jail term by a court in Japan over alleged possession of drugs, shares of Wadia Group firms tanked up to 10 percent on April 30.
According to a report by news agency PTI, Bombay Dyeing shares plunged 9.78 percent to close at Rs 112.60 on the BSE. During the day, it tumbled 17.42 percent to Rs 103.05.
Shares of Britannia Industries went down by 2.50 percent to Rs 2,893.10 and Bombay Burmah Trading Corporation fell by 2.40 percent to close at Rs 1,241.30.
The Financial Times reported that Ness , son of Nusli Wadia , who was on a skiing holiday, was arrested in early March at New Chitose Airport in the northern Japanese island of Hokkaido after customs officials found 25g of “what appeared to be cannabis resin in his trouser pocket”.
Reacting to the report, a Wadia Group spokeperson said Ness Wadia is in India.
“The judgement is clear. It is a suspended sentence. Hence, it will not impact Ness Wadia in the discharge of any of his responsibilities and he will continue to play the role that he has done hitherto, both within the Group and outside,” the spokesperson added.
Wadia’s sentence could spell trouble for his IPL team Kings XI Punjab co- owned with Bollywood actress Preity Zinta.