Salman Khan on Friday was granted reprieve by the Mumbai High Court, as it suspended a lower court's 5-year sentence handed to the actor in a 13-year old hit-and-run case. Shares in Eros International- a company associated with Salman Khan - immediately shot up after the news of actor getting reprieve.
Salman Khan's sentence has been suspended by the Mumbai High Court pending appeal. That means he will not go to jail today and will continue to be out on bail while his appeal against the lower court's order is heard by the High Court.
The Eros stock rose nearly 9 per cent to Rs 418.50, outperforming the broader markets. On Wednesday, when Salman Khan was sentenced the stock had ended nearly 6 per cent down.
Eros International Media had in December announced its collaboration on the two maiden productions of Salman Khan Films - 'Bajrangi Bhaijaan' and 'Hero'.
The stock ended over 4 per cent higher at Rs 402, outperforming the broader Nifty and the Sensex which closed around 2 per cent higher.
Another stock related to Salman Khan - Mandhana Industries - associated with the actor's NGO 'Being Human' turned positive after the news. After two consecutive day of losses since the day of Salman Khan's sentencing by the lower court, the stock gained and traded in the green. On Wednesday, the stock had lost over 4 per cent on the previous verdict.
Mandhana Industries has an exclusive licence agreement with Being Human - the Salman Khan Foundation - for designing, marketing and distributing Being Human Clothing Products.
The Mandhana stock ended flat, but in the red - down 0.04 per cent at Rs 255.
According to analysts' estimates there is over Rs 250 crore riding Salman Khan.
On Wednesday, Additional Sessions Judge DW Deshpande held Salman Khan guilty on all the prosecution's seven charges, including culpable homicide not amounting to murder, rash and drunken driving and driving without a valid licence.
In the early hours of September 28, 2002, Salman's Toyota Land Cruiser ran over a group of men sleeping on the pavement in front of a bakery not far from the actor's sea-facing home in Galaxy Apartments in upscale Bandra (West). One man died, four were injured.
No comments:
Post a Comment