GSM Foils Ltd., a manufacturer listed as an SME and located in Maharashtra’s Palghar district, informed the National Stock Exchange on Friday that its Managing Director, Mohansingh Parmar, sustained injuries from a shooting incident in the Naikpada region of Vasai-Virar, which falls under the jurisdiction of the Waliv Police Station.
In a filing dated July 31, the company reported that Parmar received prompt medical attention after the event and is currently receiving care.
“His health status is said to be stable and improving,” the company stated, though it did not provide further details regarding the incident.
The situation took another turn when GSM Foils confirmed that Sagar Bhanushali, the Whole-time Director of the company, has been arrested by the police as part of the ongoing investigation.The company mentioned that it is fully cooperating with law enforcement but chose not to make further comments on the matter.
“As the investigation is ongoing, the Company is not in a position to elaborate on the details of the case,” it stated in the filing.
To reassure its investors, GSM Foils has indicated that its senior management is taking adequate measures to ensure that business operations continue unaffected, despite the recent events.
The company noted that both its manufacturing plants in Vasai and Ahmedabad are operating as usual.It also mentioned that it would provide further updates, if necessary, in compliance with applicable laws and regulations as the investigation unfolds.
Investors reacted strongly to this news. Shares of GSM Foils dropped by 20% to close at ₹191.50 each, highlighting concerns over the unusual circumstances surrounding the SME-listed company.
Currently, many aspects surrounding the shooting remain unclear, with the company holding off on further comments while the police investigation is ongoing.
