Shares of Mandhana Industries, the entity associated with Bollywood superstar Salman Khan, surged nearly 12% in intra-day trade on Thursday, after the Bombay High Court acquitted the actor of all the charges in the 13-year-old hit-and-run case.
The stock soared 11.65% to R296 during the day on BSE. It finally ended at R271.50, up 2.41%.
Similarly, Eros International Media also gained 3.89% to R237.70.
“Shares of Mandhana Industries remained in action today after the Bombay High Court acquitted Salman Khan of all the charges in the 2002 hit-and-run case,” said Achin Goel, head: wealth management & financial planning, Bonanza Portfolio Ltd.
Mandhana Industries is associated with the actor’s NGO Being Human. It has an exclusive licence agreement with Being Human – the Salman Khan Foundation for designing, marketing and distributing Being Human clothing products.
Eros International was the distributor to Salman Khan films — Bajrangi Bhaijaan and Hero —this year.
Seven months after superstar Salman Khan was sentenced to five years in jail by a sessions court in the 13-year-old hit-and-run case, the Bombay High Court on Thursday acquitted him of all the charges, holding that the prosecution had failed to prove that he was driving the vehicle after having consumed alcohol.
On May 6 this year, a sessions court had convicted Khan in the case in which one person was killed and four others were injured.
On September 28, 2002, Salman’s car had rammed into a bakery shop in suburban Bandra. One person was killed and four others were injured in the mishap.
In the past one year, the share price of Mandhana Industries fell 7.71% to R265.10 on December 9. Sensex fell 9.93 per cent during the same period.
The promoters holding in the company stood at 71.81% while institutions and non-institutions held 5.75% and 22.44% respectively.