Wadia Group shares slip after Ness Wadia's sentencing in Japan

Ness Wadia | Photo: Wikimedia Commons
Shares of Wadia Group companies plunged up to 17 per cent after reports emerged that the group's heir Ness Wadia has been sentenced to a two-year jail term in Japan for possession of drugs.

Bombay Dyeing slumped 17.4 per cent to Rs 103 per share on the BSE, while National Perioxide slipped 5.3 per cent to Rs 2,660. Bombay Burmah was down 6 per cent to Rs 1,193.

Wadia, who is a director of all the major units of the family group, was arrested in early March at New Chitose Airport in the northern Japanese island of Hokkaido. Customs officials at New Chitose were alerted to Wadia by sniffer dogs and a search revealed that he had about 25g of what appeared to be cannabis resin in his trouser pocket, a report by Financial Times (FT) said. READ BUSINESS STANDARD'S FULL REPORT

The newspaper quoted a court official in Sapporo that Wadia admitted to possession, arguing that the drug was for his personal use. 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. 

At 11:33 AM, Bombay Dyeing was trading at Rs 111.55, down 10.62 per cent, while Bombay Burmah had slipped over 2 per cent at Rs 1245. National Perioxide also slipped over 4 per cent to Rs 2,687.70. In comparison, the S&P BSE Sensex was trading at 38,912, down 155 points, or 0.40 per cent.