MRVL shares slump after Salman Khan's conviction

Shares of MandhanaRetail Ventures Ltd. (MRVL) slumped by 15 per cent from day's high today aftera Jodhpur court convicted actor Salman Khan in a 1998 blackbuck case. MRVL is the apparel licensee...
MRVL shares slump after Salman Khan's conviction

Shares of Mandhana Retail Ventures Ltd. (MRVL) slumped by 15 per cent from day's high today after a Jodhpur court convicted actor Salman Khan in a 1998 blackbuck case. MRVL is the apparel licensee for Khan's charitable trust Being Human . At 11.30 am, shares of the textile company were ruling at Rs 112.90 on BSE, down 3 per cent. The stock was off 15 per cent from day's high. The actor was facing charges under Section 51 of the Wildlife (Protection) Act. The other actors had been charged under Section 51 read with Section 149 (unlawful assembly) of the Indian Penal Code. Being Human Foundation was launched by Salman Khan in 2012 and the Mandhana Retail Ventures is the globally apparel licensee for the brand. It has footprint in 15 countries with over 600 point of sale. Mandhana Retail Ventures is focused on faster penetration in tier 2 and tier 3 cities, the company said in a December quarter presentation. The company has exclusive stores in 45 cities across the country and also retailed through shop-in-shops, distributor networks and in online portals.

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