KRBL clarifies on ED arresting former director in Augsta scam; stk dips 20%

The stock locked in lower circuit of 20% at Rs 373 after the media report suggested that ED arrested former director Gautam Khaitan in Agusta scam.

KRBL hit its lower circuit of 20% at Rs 373 on the BSE with only sellers seen on the counter,  after a media report suggested that the Enforcement Directorate (ED) has arrested former director, Gautam Khaitan, in Agusta Westland helicopter scam.

KRBL, however, clarified and said that the company has nothing to do with this scam.

“Gautam Khaitan was an independent director of the company from July 30, 2007 to April 18, 2013 and during his tenure as an independent director in the company, he was associated in his professional capacity and we are totally unaware about his internal workings,” KRBL said in a release to the exchange. READ THE RELEASE HERE

The Company is not in any way connected with Gautam Khaitan since 2013 and we are totally unaware about his recent arrest by Enforcement Directorate as mentioned in the above stated news article, it added.

Further, the Company would not like to comment on media reports and shall inform the Exchanges as and when any reportable event occurs, KRBL said.

The trading volumes on the counter have jumped multiple-fold with a combined 5.9 million equity shares representing 2.5% of total equity of KRBL changing hands. There were pending sell orders for 56,602 shares on the BSE and NSE.