Inferno may scar Emami group stocks

Emami group stocks such as Emami Ltd, Emami Paper and Emami Infrastructure may come under pressure following the fire accident at AMRI Hospital in Kolkata, which is co-owned by the group. Mr Radhe Shyam Goenka, Mr Prashant Goenka, Mr Manish Goenka, Mr Shrawan Kumar Todi, Mr Ravi Todi, Mr Dayanand Aggarwal, and Mr Radhey Shyam Aggarwal have been placed under police custody till December 20. They were arrested on Friday for culpable homicide following a huge fire in the premises of the hospital, which resulted in death of at least 90 people. All these arrested people have sizeable stake as well as important positions in Emami group companies. While this development is unlikely to affect these companies financially, however, sentimental tide can have some impact on the stock.