KRBL hit an lower circuit limit of 20% at Rs 373.45 at 15:16 IST on BSE on media reports that former director Gautam Khaitan had been arrested by the Enforcement Directorate in connection with AgustaWestland helicopter scam.
Meanwhile, the S&P BSE Sensex was down 230.12 points, or 0.64% to 35,459.48.On the BSE, 4.07 lakh shares were traded in the counter so far compared with average daily volumes of 10,000 shares in the past two weeks. The stock had hit a high of Rs 461.75 and a low of Rs 373.45 so far during the day. The stock hit a record high of Rs 673 on 21 December 2017. The stock hit a 52-week low of Rs 371 on 30 June 2017.
With reference to news item captioned, "KRBL tanks 20% as ED arrests former director in Agusta scam", KRBL clarified during trading hours today, 25 June 2018, that it has nothing to do with the AgustaWestland helicopter scam.
Gautam Khaitan was an independent director of the company from 30 July 2007 to 18 April 2013. During his tenure as an independent director in the company, he was associated in his professional capacity and the company is totally unaware about his internal workings. The company is not in any way connected with Gautam Khaitan since 2013 and the firm is totally unaware about his recent arrest by Enforcement Directorate (ED) as mentioned in the news article.
Further, KRBL stated that as a fully ethically governed company wherever notable event occurred, it has intimated the stock exchanges on time. Further, the company would not like to comment on media reports and shall inform the exchanges as and when any reportable event occurs and the company has been regularly disseminating unpublished price sensitive information from time to time.
On a consolidated basis, net profit of KRBL declined 12.84% to Rs 95.28 crore on 4.03% decline in net sales to Rs 876.01 crore in Q4 March 2018 over Q4 March 2017.
KRBL is India's leading integrated rice company with a comprehensive product chain.
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