In an exchange filing, GSM Foils said the firing incident took place in the Naikpada area in Vasai-Virar, located near Mumbai. After getting injured in the incident, the company said that Parmar received prompt medical attention and is presently under proper medical care. His health condition was reported to be stable and improving.
Sagar Bhanushali, a whole time director of the company, was then taken into police custody in relation to the ongoing investigation into the firing case. The company said it is extending full cooperation to the investing authorities.
The senior management team has taken the necessary steps to ensure continuity of the company's operations. At present, the company's manufacturing facilities at Vasai and Ahmedabad, Plant continue to function normally,’ it added.
Also read |Peter Lynch does not like the AI trade; here's why he says 'Know what you own'
GSM Foils shares crashed 20% to close at Rs 192 apiece on NSE. Notably, the exchange filing came in the post market hours of Friday.
GSM Foils share price
Bhanushali plotted the attack to evade repaying Parmar Rs 32 crore and gain complete control over the company, Times of India reported. According to police officials cited by the report, Bhanusali suffered massive financial losses during a sharp selloff in the US stock market, leaving him burdened with debts running into crores.
US stock market losses behind murder plot?
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price