Investors lose ₹64.4 crore in a day as Chairman shoots MD to take over company

GSM Foils investors lost ₹64.4 crore in a single day as the company announced that a forceful takeover bid by its Chairman, Sagar Bhanusali, had gone sour. GSM said on Friday that Bhanusali was arrested for attempting to kill MD Mohansingh Parmar to take over the company's control. Following the disclosure, GSM stock hit the lower circuit, closing 19.99% lower.