India's Usha Martin drops after CBI's FIR against co, MD, others

Usha Martin

06/10/2020 07:26

** Shares of wire rope manufacturer  USBL.NS  drop as much
as 9.9% to 22.35 rupees, its worst day in nearly 6-1/2 months
    ** If losses hold, stock to also touch near 2-month low and
record its third straight session in the red
    ** Co on late Monday said the Central Bureau of
Investigation filed https://www.bseindia.com/xml-data/corpfiling/AttachLive/2a4a1768-58f3-480e-9c72-3954b036cbe4.pdf
 a First Information Report (FIR) against co, MD, certain others
    ** Report filed for alleged offences under the Prevention of
Corruption Act, 1988 and the Indian Penal Code, 1860 - co 
    ** Excluding current week, stock has closed down in 4 out of
past 5 weeks. It has lost 7% so far this week
    ** Including session's losses, stock is down 14% YTD,
underperforming the 4.7% drop in the Nifty 50 Index  .NSEI 


 (Reporting by Vibhuti Sharma in Bengaluru)