Everonn continues descent on bourses

Education services provider Everonn Education continued its downslide on the bourses as the stock hit the lower circuit limit on the Bombay Stock Exchange and National Stock Exchange for the third consecutive session today.

In the last three trading sessions, the stock has lost a whopping 43.09% of its value and is currently trading at Rs 253.10 on the BSE and Rs 252.50 on the NSE.

The stock has been under pressure since September 2, when the company had said its managing director P Kishore has been taken into judicial custody.

Kishore was arrested for allegedly giving a Rs 50 lakh bribe to Income Tax Commissioner Andasu Ravindar to conceal Rs 60 crore of taxable income out of Rs 116 crore detected by CBI officials recently.

The company had also disclosed the resignation of chairman Jamshed J Irani from its board of directors on September 2, but maintained that its business would continue as usual and would not be impaired in any way.