NEW DELHI: Shares of Wadia Group companies suffered strong losses in Tuesday’s session, plummeting up to 10 per cent amid reports that the group’s scion Ness Wadia was sentenced to a two-year jail term in Japan for alleged possession of drugs. However, a Wadia Group spokesperson said that the arrest in early March and subsequent sentencing in a Japanese court will not affect “the discharge of any of his business-related responsibilities”. “The judgment 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 he has done hitherto, both within the Group and outside,” he said. Shares of Bombay Dyeing tanked 9.78 per cent to close at Rs 112.60 on the BSE.
During the day, however, it tumbled 17.42 per cent to Rs 103.05. Britannia Industries shares went down by 2.50 per cent to Rs2,893.10 and Bombay Burmah Trading Corporation fell by 2.40 per cent to close at Rs1,241.30. The exchange has sought clarification from these three firms with respect to the news.