Salman's blackbuck case: Being Human licensee Mandhana's stock falls

Mandhana Retail Ventures was trading 3.4% lower at Rs 112, falling 14% from its early-morning high after media reports said the Jodhpur court found actor Salman Khan guilty in the 1998 Black buck poaching case.

The development also dented the fortunes of ace investor Rakesh Jhunjhunwala, who according to the latest available shareholding data (December 2017), held 12.74% stake in Mandhana Retail.

The stock hit a high of Rs 132 in intra-day before the Court verdict. A combined 151,843 shares exchanged hands on the counter on the BSE and NSE till 11:42 am. Mandhana Retail Ventures manufactures and sells Salman Khan's Being Human brand of apparel.

Analysts say the fall is a knee-jerk reaction to the development and investors should not read much into the development.

“I think it is a knee-jerk reaction to the verdict and this was expected. Investors should not read much into the development. Though we do not track the stock very closely, the company, as per our assessment, has now diversified into other business segments as well. This augurs well for the overall business interest,” says A K Prabhakar, head of research at IDBI Capital.