Sahara Groups listed firms end in red on Supreme Court order

Written by Press Trust of India | Mumbai | Updated: Feb 27 2014, 08:53am hrs
Shares of two listed entities of Sahara Group on Wednesday ended in negative zone after Supreme Court issued a non-bailable arrest warrant against group chief Subrata Roy for his failure to appear before it.

The share prices of these two listed entities, Sahara One Media & Entertainment and Sahara Housingfina Corporation, fell amid minuscule trading volumes and the total number of shares traded in one of the stock was just 10.

Shares of Sahara Housingfina plunged by 3.61% to settle at R38.70 apiece on the BSE. In the intra-day trade, the company had breached the lower circuit level at R38.15.

Besides, shares of Sahara One Media & Entertainment slumped by as much as 1.59% to close at R61.95 apiece on the BSE.

On volume front, as many as 692 shares of Sahara Housingfina were traded on the exchange, while 10 Sahara One Media & Entertainment shares got changed hands on the bourse. At the end of Wednesdays trade, the market capitalisation of Sahara Housingfina stood at R27 crore, while that of Sahara One Media & Entertainment media was at R133 crore.

The arrest warrant was issued against Roy in connection with the case in which his two companies Sahara India Real Estate Corp and Sahara India Housing Investment Corp -- have been directed to refund R20,000 crore to investors.

A bench comprising justices K S Radhakrishnan and J S Khehar on Wednesday said, We had already declined yesterday Roys plea seeking exemption from personal appearance. He has not appeared even today and we are issuing non bailable warrant returnable for March 4.

At the outset when senior advocate Ram Jethmalani, appearing for Roy, informed the court that he has been unable to appear because of the ill health of his 95-year-old mother, the bench shot back the arms of this court are very long. Yesterday only we had refused your plea for exemption from personal appearance. We will issue the non-bailable warrant. This is the Supreme Court of the land.