Salman Khan's Conviction Sends This Firm's Shares Down 15% From Day's Highs
The shares of apparel company Mandhana Retail Ventures shares fell sharply from day's high after actor Salman Khan was jailed for five years in the black buck poaching case that dates back to 1998. Mandhana Retail has licensing arrangement with Salman Khan's Being Human Foundation to design, manufacture, retail and distribute clothing lines under "Being Human" trademark. Shares of Mandhana Retail Ventures fell as much as 15 per cent from day's high of Rs 132.25. It fell to Rs 111.40 at day's low before closing at Rs 114.90, 1.03% lower on BSE.
A Jodhpur court today convicted Salman Khan in the blackbuck poaching case, while other actors - Saif Ali Khan, Tabu, Sonali Bendre and Neelam Kothari - have been acquitted. The quantum of sentence will be announced later today. The court on Thursday awarded Khan a jail sentence of 5 years.Â
Mandhana Retail was incorporated as 'Mandhana Retail Ventures Limited' on February 12, 2011 and the company's name was later changed to 'The Mandhana Retail Ventures Limited' in September 2016. Mandhana Industries, the demerged company had entered into global exclusive agreement with "Being Human - The Salman Khan Foundation" in December 2010 to use trademark and logo of "Being Human" for all clothes range/clothing lines.
Post approval of scheme, MIL and The Salman Khan Foundation agreed to terminate the erstwhile agreement and simultaneously Mandhana Retail Ventures entered into global exclusive agreement to design, manufacture, retail and distribute men's wear, women's wear and accessories under Being Human trademark until March 31, 2020.
The company's profit in the 2017 fiscal was Rs 2 crore, while the earnings per share (EPS) was Rs 9.07. According to the quarterly results, the net profit for the December 2017 quarter and September 2017 quarter was Rs 31 lakh and Rs 39 lakh, respectively.
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