Salman Khan conviction rattles ‘Being Human’ shares; Mandhana Retail stock takes a dive

In a major setback on Thursday, Dabangg Superstar Salman Khan got convicted in the poaching case of black-buck by the Jodhpur Sessions Court. In the aforementioned case, other accused celebrities Saif Ali Khan, Tabu, Sonali Bendre and Neelam were acquitted by the same court on Thursday. The special verdict was delivered by Chief Judicial Magistrate Dev Kumar Khatri. Following the jitters over Salman Khan being convicted, shares of the company which manufactures the famous Being Human merchandise witnessed a sudden crack in the share prices.

Within minutes after the news of conviction of Salman Khan broke out, the stock of The Mandhana Retail Ventures Ltd crashed more than 4% on BSE. The stock of Mandhana Retail Ventures Ltd tanked as much as 4.05% to a day’s low of Rs 111.4 on BSE. Later in the trade, the stock of Mandhana Retail Ventures recovered all the loss and was trading up 0.78% at Rs 117. Unusually high trading volume was observed in the shares of Mandhana Retail Ventures Ltd, as at 12:35 pm, more than 2 lakh shares exchanged hands on both NSE and BSE with about 1.95 lakh on NSE alone.

According to the company’s website, Mandhana Retail Ventures Ltd was incorporated in 2011. The demerged entity of Mandhana Retail Ventures Ltd Mandhana Industries Ltd had entered into a global exclusive brand license agreement with Salman Khan promoted Being Human — Tha Salman Khan Foundation in 2010. Earlier in 2016, Mandhana Industries Ltd and The Salman Khan Foundation terminated the brand license agreement and entered into a global trademark license agreement up until 31 March 2020. Under the licensing agreement, Mandhana Industries Ltd is entitled to design, manufacture, retail and distribute the products (Men’s and Women’s wear) under the trademark brand Being Human.

Salman Khan was facing the charges under Section 51 of the Wildlife (Protection) Act, which prescribes up to six-year jail for the guilty. The case draws its roots to poaching of two blackbucks during the filming of the ensemble cast blockbuster ‘Hum Saath Saath Hain’ in the year 1998.