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Atlas Jewellery shares tumble 10%; hit lower circuit limit

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Mumbai: Shares of Atlas Jewellery India plunged almost 10 per cent today amid reports that its chairman has been detained in Dubai for alleged default of over Rs 1,000 crore loans. The stock slumped 9.91 per cent to Rs 24.55 – its lowest trading permissible limit for the day – on the BSE. In the previous session also shares of the company plunged nearly 10 per cent to Rs 27.25.

“We have not received any formal communication on the various news items reports from Dr Ramachandran, chairman and majority shareholders as on date,” Atlas Jewellery India Ltd had said in a filing to the BSE yesterday. The stock exchange had sought a clarification from the company amid reports that Atlas Jewellery owner and daughter have been detained in Dubai for allegedly defaulting on loans.

The company said its board has taken “due cognizance of the same and have called an urgent board meeting on the 6th of this month for a review of the same and take necessary steps as they may deem appropriate and necessary”. “We are also on our own trying to verify the veracity of the news items,” it noted.


According to media reports, M M Ramchandran, founder of Atlas Jewellery group, was arrested by police in Dubai recently.