India's Kajaria Ceramics drops; expects only partial recovery from 200 million rupee fraud hit

Somany Ceramics

23/12/2025 08:25

** Shares of Kajaria Ceramics KAJR.NS dips 2.6% to 1,021.6 rupees

** Co on Friday reported 200 million rupees fraud at its unit; says the financial impact will be recognised as an exceptional item in FY26, with about 60 million rupees recovered

** The issue of fund siphoning is linked to purchase orders of a vendor related to unit's CFO Dilip Kumar Maliwa in the 1.2 billion capex program in Kerovit Global; Co expects ~50% recovery from the vendor

** PL Capital ("hold"; TP 1,083) says given the company's overall scale, the financial impact appears manageable

** KAJR is down for sixth straight session; YTD, shares are down 11.7%

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))