Shares of Dunlop India were locked in 5% lower circuit after the Kolkata High Court late Thursday ordered winding up of the Pawan Ruia's group's tyre maker.
Judge Sanjib Banerjee has directed the official liquidator to take possession of all the company's assets and books of records, Business Standard reported.
The petition seeking liquidation was launched by a Kerala-based partnership, E V Mathai and Sons. Later, 15 other creditors joined the plea. They said they together were owed about Rs 1,000 crore. Most of these used to supply rubber to Dunlop India, the report said.
The stock was down 5% at Rs 7.87 on the Bombay Stock Exchange with 41,753 shares traded so far and sell orders to the tune of 81,196 shares were pending so far.
