Why Did Lava's Share Price Fall? | Latest Update on Lava Unlisted Shares
In October 2023, Lava International Limited's ex-Managing Director, Hariom Rai, was arrested along with CA Nitin Garg, CA Rajan Malik, and a Chinese national. They were accused of money laundering and transferring money to China in an attempt to evade taxes. Following this news, Lava's share price in the pre-IPO markets gradually fell from a high of 200 Rs to 60 Rs today.
Recently, Hariom Rai secured a 3-month bail citing medical problems. However, it was discovered that someone named Naval Kishore was posing as Hariom Rai at AIIMS for an ECHO test. Naval was arrested at that time, and it appears that Hariom Rai sent him in his place.
In response to this news, Lava has again appealed to disassociate Hariom Rai's name from the company, stating that he no longer has any connection with Lava.
If you want to read the full detailed research report on Lava, you can visit our Planify platform.
Have you ever suffered losses due to the actions of a company director? I would like to know your opinion in the comments.
About Lava International Unlisted Shares:
Lava International Limited ("Lava") manufactures and trades in mobile phones, storage devices and other telecommunication devices. It offers smart phones, feature phones, laptops, tablets and accessories. The company has been building mobile handset design capability including industrial design, mechanical design, hardware design & software design. Lava and Xolo are two brands that operate under the parent company. It is headquartered in Noida, India, and has overseas operations in Thailand, Nepal, Bangladesh, Sri-Lanka, Indonesia, Mexico, and the Middle East. The company also has an in-house research and development center and manufacturing facilities in Noida.
Read Lava International Pre IPO Share Research Report
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