Everonn Education stock falls 20%

Shares of Everonn Education plunged by 20 per cent to its circuit limit on the BSE,even as the stock market saw a strong uptrend.

Shares of Everonn Education today plunged by 20 per cent to its circuit limit on the BSE,even as the stock market saw a strong uptrend.

The company today 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.

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After opening on a weak note,the company shares fell further and settled 20 per cent down to hit its lower circuit of Rs 351.45 on the BSE.

The stock received a similar drubbing on the NSE where it hit the lower circuit limit after plunging 20 per cent to Rs 350.65 a share.

Kishore was arrested for allegedly giving Rs 50 lakh as bribe to Additional Income Tax Commissioner Andasu Ravindar to conceal Rs 60 crore of taxable income out of Rs 116 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.