The stock has been under pressure even since, the Managing Director of the company, P Kishore was arrested and taken into judicial custody on September 2.
Kishore was arrested on charges of giving Rs 50 lakh bribe to an Income Tax officer. It has been reported in certain section of the media that the officer was in question was Commissioner Andasu Ravindar. Kishore was asking the officer to help the company conceal Rs 60 crore of taxable income out of Rs 116 crore detected by CBI officials recently.
On September 2, the company had also informed through the exchange, BSE & NSE, about the resignation of Chairman Jamshed J Irani from its board of directors. The company's, Everonn Education, announcement that business would continue as usual and would not be impaired in any way, but it did not shore up their confidence.