Wadia Group shares plunge up to 17% on Ness Wadia's sentencing in Japan

NEW DELHI: Shares of Wadia Group companies suffered strong losses in Tuesday's session, falling up to 17 per cent, after reports that the group's heir Ness Wadia was sentenced to a 2-year jail term in Japan for possession of drugs.

Ness, who is the co-owner of Kings XI Punjab team, is the eldest son of Nusli Wadia and and heir to the Wadia group.

As per a report by Financial Times (FT), he was caught in New Chitose Airport in the northern Japanese island of Hokkaido with 25 grams of cannabis resin earlier in March this year.


Shares of Bombay dyeing closed 9.78 per cent down at Rs 112.60, National Peroxide 5.83 per cent down at Rs 2,645.75 and Bombay Burmah 2.40 per cent down at Rs 1,241.30 on BSE.