Stocks

Nalco scrip plunges on CMD's arrest

PTI Mumbai | Updated on February 28, 2011

State-run National Aluminium Company Ltd (Nalco) fell by over 8 per cent in the early trade on the BSE today, hit by the arrest of the Chairman and Managing Director, Mr A.K. Srivastava, in a bribery case.

The scrip dropped by 8.5 per cent to hit an early low of Rs 402.60 on the Bombay Stock Exchange. Later, it was trading down by 5.32 per cent at Rs 416.60 in the morning trade.

The CBI had late last week arrested Mr Srivastava and his wife, besides two others, for allegedly accepting bribe and claimed to have recovered 10 kg of gold bricks worth Rs 2.11 crore from a bank locker and nearly Rs 30 lakh in cash.

The Mines Ministry had suspended Mr Srivastava based on the CBI charges.

Published on February 28, 2011

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