Mumbai: Shares of Everonn Education on Friday plunged by 20% to its circuit limit on the BSE, even as the stock market saw a strong uptrend.
The company announced appointment of its whole-time director Susha John as its CEO after managing director P. Kishore was arrested by the CBI in an alleged bribery case earlier this week.
In a regulatory filing, the company also disclosed resignation of its chairman Jamshed J. Irani from the board, but maintained that its businesses would continue as usual and would not be impaired in any way.
After opening on a weak note, the company shares fell further and settled 20% down to hit its lower circuit of Rs351.45 on the BSE.
The stock received a similar drubbing on the NSE where it hit the lower circuit limit after plunging 20% to Rs350.65 a share.
Kishore was arrested for allegedly giving Rs50 lakh as bribe to additional income tax commissioner Andasu Ravindar to conceal Rs60 crore of taxable income out of Rs116 crore detected by CBI officials recently.
Fall in the company shares was in contrast to the overall positive trend in the market, with the BSE benchmark Sensex closing 144.71 points higher at 16,821.46.