CMD imprisonment in Noida land scam drags Uflex by 20 pc

MUMBAI: Packaging firm Uflex Ltd today nosedived by 20 per cent on the BSE, after its CMD Ashok Chaturvedi was sentenced to four-year imprisonment by a special CBI court in the case of large-scale bungling in allotment of Noida Development Authority plots.

Reacting sharply to the development, shares of Uflex tumbled by 19.99 per cent to hit a lower circuit of Rs 194.95 on the Bombay Stock Exchange (BSE).

The scrip saw a similar pattern on the National Stock Exchange and tanked by 19.99 per cent to Rs 195.50.

Today, CBI Special Court Judge A K Singh convicted Former UP chief secretary Neera Yadav and Chaturvedi for four years and also slapped fines of Rs 50,000 each on both of them.

This was in response to the petition against Yadav and others filed by the Noida Entrepreneurs Association alleging bungling in the allotment of land in different sectors and in commercial Sector 18 in Noida during her tenure as head of Noida's Development Authority.

CBI had filed chargesheets against Yadav, Chaturvedi and the case was pending in the court for last over five years. Earlier they had been granted bail by the court.