Shares of Atlas Jewellery fell nearly 5 per cent on Bombay Stock Exchange (BSE) amid reports that its chairman has been detained in Dubai for alleged default of over Rs 1,000 crore loans. "We have not received any formal communication on the various news items reports from Dr Ramachandran, chairman and majority shareholders as on date," Atlas Jewellery India Ltd had said in a filing to the BSE yesterday.

Reacting to the news, the shares of the company dropped 4.89 per cent in intra-day trade to Rs 23.35 apiece on the BSE.

Meanwhile, the broader benchmark BSE Sensex was trading at 25,302.73, up 462.05 points, or 1.79 per cent, at 11:30 hours.