Arshiya International drops 20% after high-profile firings

Shares of Arshiya International were locked at 20 percent lower circuit on Wednesday on a news report that the company had fired several senior employees.

DNA reported that the Mumbai-based logistics major has sacked several top-level employees since Saturday on shrinking order book caused by a long slowdown in the infrastructure sector.

The report says, "The axed staff have alleged financial irregularities at the company."

"The promoters have misguided investors, stakeholders, banks and the company’s shareholders by painting a rosy picture so far. Inside the books, the company is hollow – it is a mini Satyam," newspaper reports quoting one of the senior employees of the company said.

Promoters hold 44.59 percent stake in the company as of September 2012.

At 12:32 hours IST, the stock was down by Rs 24.30 to Rs 97.40. There were pending sell orders of 158,923 shares, with no buyers available.
 
Trading volumes jumped 42 times to 16,93,750 shares as against five day average of 40,264 shares.

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