Ness Wadia faces jail sentence in Japan, company issues clarification

After a Japan court sentenced businessman Ness Wadia to 2 years in prison for possession of 25 grams of cannabis, Bombay Dyeing shares along with other shares of Wadia Group plunged in trading. Shares of Bombay Dyeing slipped over 17%, Bombay Burmah and National Peroxide shares also dropped 6% and 5% respectively. However, the group later clarified that the sentence has been suspended and Ness Wadia is back in India.