Wadia Group scion and co-owner of IPL team Kings XI Punjab Ness Wadia has been sentenced to a two-year jail term by a court in Japan over possession of drugs.
According to The Financial Times report, Wadia was arrested in early March at New Chitose Airport in the northern Japanese island of Hokkaido after customs officials found 25g of “what appeared to be cannabis resin in his trouser pocket”.
Reacting to the report, a Wadia group spokeperson said Ness Wadia is in India. “The judgment is clear. It is a suspended sentence,” the spokesperson added.
Meanwhile, shares of Wadia Group firms tanked up to 10 per cent on Tuesday amid media reports that Ness Wadia has been sentenced to a two-year jail term.
Bombay Dyeing shares plunged 9.78 per cent to close at Rs 112.60 on the BSE. During the day, it tumbled 17.42 per cent to Rs 103.05. Shares of Britannia Industries went down by 2.50 per cent to Rs 2,893.10 and Bombay Burmah Trading Corporation fell by 2.40 per cent to close at Rs 1,241.30.