The shares of Bombay Dyeing partly recovered losses after falling 17% intra-day to Rs 103.05 in Tuesday’s trading session following reports that Ness Wadia, the heir of 283-year old Wadia Group, was arrested in Japan for two years in possession of drugs.
The shares of Bombay Dyeing partly recovered losses after falling 17% intra-day to Rs 103.05 in Tuesday’s trading session following reports that Ness Wadia, the heir of 283-year old Wadia Group, was arrested in Japan for two years in possession of drugs. The other group companies of Wadia Group — Bombay Burmah and National Peroxide — also fell 6 per cent and 5 per cent to Rs 1,237.95 and Rs 2,651 respectively during the trading session on BSE after the reports of Ness Wadia’s arrest. Today, the shares of Bombay Dyeing ended at Rs 112.60, down around 10% on BSE. Shares of National Peroxide ended at Rs 2,645.75, down 6%, and that of Bombay Burmah settled lower by 1.56% at Rs 1,252.
The 2-year jail term has been suspended, and the son of Nusli Wadia — who is the chairman of the Wadia Group — has returned to India. According to reports, Ness Wadia was also reportedly detained before his indictment. He was on a skiing trip in Japan when he was arrested.
Ness Wadia, who is also the co-owner of Kings XI Punjab cricket team, was arrested at New Chitose Airport in the northern Japanese island of Hokkaido for carrying 25 gms of cannabis resin earlier in March, according to a Financial Times report. According to the reports, the elder son of Business tycoon Nusli Wadia has admitted to possession of drugs for his personal use.
Ness Wadia also serves as a director on the boards of various Wadia Group companies including Britannia Industries, GoAir and Bombay Dyeing.
The Wadia Group said that it was a suspended sentence and the judgement would not impact Ness Wadia while discharging his responsibilities. He will continue to play the role that he has done hitherto, both within the Group and outside, the group said.
In 2014, Ness Wadia came in news after Bollywood actress Preity Zinta accused him of molestation. Later, Zinta had withdrawn the case.