India's Prakash Industries slumps to near 10-month low as assets seized

Prakash Industries

06/12/2021 06:47

** Shares of the ferro alloys producer  PRKI.NS  plunge as
much as 18% to 50.10 rupees, their lowest since Feb. 19
    ** PRKI marks biggest intraday pct loss since March 16 last
year, snapping from three straight session of gains 
    ** India's financial-crime fighting agency said https://bit.ly/3lCsVuM
 on Friday evening it has provisionally seized properties worth
2.28 bln rupees ($30.28 mln) of the company under a money
laundering case 
    ** Attached assets are land at Delhi, Noida, Hisar in the
Indian state of Haryana, and various parts of Chhattisgarh state
- Enforcement Directorate's tweet
    ** More than 2.3 mln shares traded by 0635 GMT, 3.1 times
their 30-day avg of over 764,000 shares 
    ** As of last close, PRKI had risen 11.09% this year vs a
65.68% gain in the Nifty Metal index  .NIFTYMET  

($1 = 75.3000 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))