Mumbai: Shares of companies controlled by the 283-year-old Wadia Group tanked after news broke that group chairman Nusli Wadia’s son, Ness Wadia, had got a two-year prison term for possessing drugs during a skiing holiday in March in Japan.
Bed linen-maker Bombay Dyeing & Manufacturing Co Ltd plummeted as much as 17.6% during Mumbai trading – the most since November 2016 – while Bombay Burmah Trading Corp Ltd, which owns tea and cocoa plantations, slumped as much as 6.4%. National Peroxide Ltd had slid by 6.7% and Britannia Industries Ltd by 3.1%.
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