New Delhi: Shares of Wadia Group companies plunged in Tuesday’s session, reporting a fall of up to 17 per cent. The development comes after reports surfaced that the group’s heir Ness Wadia was sentenced to a 2-year jail term in Japan for possessing drugs.
Shares of Bombay dyeing registered a fall of 17 per cent, while Bombay Burmah and National Peroxide, fell 6 per cent and 5 per cent respectively.
Going by the reports of Financial Times, Wadia, who is the co-owner of the Kings XI Punjab cricket team, was arrested in early March at New Chitose Airport in the northern island of Hokkaido, after the customs officials found 25g of cannabis resin in his trouser pockets.
The Wadia group traces its history to a 1736 deal to build ships for the East India Company and now has businesses that include biscuit company Britannia Industries to budget airline GoAir, with the total market valuation of its listed entities standing at $13.1billion.
Ness Wadia is the eldest son of group chairman Nusli Wadia with a net worth of $7 billion.
Ness Wadia sentenced for drug possession in Japan
Indian tycoon Ness Wadia sentenced two year jail term in Japan over drug possession
