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GSM Foils shares plunge after MD shooting
Economic Times··1 Aug
GSM Foils shares fell 20 percent to Rs 192 on NSE on August 1 after the company said MD Mohansingh Parmar was injured in a July 24 firing at its Vasai-Virar premises and remains stable. Whole time director Sagar Bhanushali was taken into police custody. The exchange filing arrived after market hours; manufacturing continues at Vasai and Ahmedabad plants.
Prism
What It Means For You
- GSM Foils shareholders saw the stock close 20 percent lower at Rs 192 on NSE on August 1 after media reports and a late exchange filing about the shooting.
- Investors in small and medium enterprise listings should watch how companies disclose sudden leadership crises and whether operations continue at stated plants.
- Anyone following corporate crime cases can track police custody of whole time director Sagar Bhanushali and the stable condition of injured MD Mohansingh Parmar.
What's Happening
- GSM Foils said Managing Director Mohansingh Parmar was injured in a July 24 firing at its premises in Vasai-Virar near Mumbai and is stable under medical care.
- Whole time director Sagar Bhanushali was taken into police custody in connection with the investigation, the company said in an August 1 exchange filing.
- GSM Foils shares fell 20 percent to Rs 192 on NSE; the filing came after market hours following earlier media reports about the incident.
A Firing At A Vasai Pharma Foil Maker
- Police sources cited by Times of India said Bhanushali allegedly plotted the attack to avoid repaying about Rs 32 crore owed to Parmar after a stake sale.
- Two motorcycle borne assailants opened fire at the 46 year old Parmar on July 24; the first bullet hit his shoulder at the company's premises.
- GSM Foils manufactures blister foils and aluminium pharma foils; it said Vasai and Ahmedabad plants continue to function normally under senior management.
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