Maharashtra-based SME stock plunges 20% as MD gets shot, director taken in police custody
Maharashtra-based manufacturer GSM Foils on Friday announced that its Managing Director Mohansingh Parmar has been injured in a firing incident and police took one of
Maharashtra-based manufacturer GSM Foils on Friday announced that its Managing Director Mohansingh Parmar has been injured in a firing incident and police took one of its whole time directors in custody. In an exchange filing, GSM Foils said the firing incident took place in the Naikpada area in Vasai-Virar, located near Mumbai. After getting injured in the incident, the company said that Parmar received prompt medical attention and is presently under proper medical care. His health condition was reported to be stable and improving.Sagar Bhanushali, a whole time director of the company, was then taken into police custody in relation to the ongoing investigation into the firing case.
The company said it is extending full cooperation to the investing authorities.The senior management team has taken the necessary steps to ensure continuity of the company's operations. At present, the company's manufacturing facilities at Vasai and Ahmedabad, Plant continue to function normally,’ it added.Also read | Peter Lynch does not like the AI trade; here's why he says 'Know what you own'GSM Foils share priceGSM Foils shares crashed 20% to close at Rs 192 apiece on NSE. Notably, the exchange filing came in the post market hours of Friday. GSM Foils manufactures blister foils and aluminium pharma foils for the pharma industry.
The sharp fall in the share price came prior to that as media reports around the incident surfaced.US stock market losses behind murder plot?Bhanushali plotted the attack to evade repaying Parmar Rs 32 crore and gain complete control over the company, Times of India reported. According to police officials cited by the report, Bhanusali suffered massive financial losses during a sharp selloff in the US stock market, leaving him burdened with debts running into crores.The report quoted investigators as saying that Bhanusali had persuaded Parmar to purchase his stake in the company and took nearly Rs 32 crore.
Instead of repaying the said amount, he allegedly conspired to kill Parmar, thinking this death would wipe out the liability and enable him to take complete control of the company.The attack took place on July 24 at the company’s premises when two motorcycle-borne hitmen opened fire at the 46-year old Parmar, who was hit in the shoulder by the first bullet. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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