The Chairman Paid For A Hit Job on MD
Moneylife Digital Team 01 August 2026
Shares of GSM Foils Ltd hit the 20% lower circuit on the NSE SME platform on Friday after the company informed the National Stock Exchange (NSE) that its managing director (MD), Mohansingh Parmar, had sustained injuries in a firing incident and that one of its whole-time directors had been taken into police custody in connection with the investigation. 
 
In a regulatory filing submitted to the NSE, GSM Foils said Mr Parmar sustained injuries in the firing incident and is currently receiving medical treatment. The company also informed the exchange that one of its whole-time directors has been taken into police custody in connection with the matter. 
 
The company stated that the incident has not affected its day-to-day operations and that all manufacturing, business and administrative activities continue without interruption. It also said it is extending full cooperation to the investigating authorities and remains committed to complying with all applicable regulatory requirements. 
 
GSM Foils further assured shareholders that it is closely monitoring the situation and will make further disclosures to the stock exchanges, if required, in accordance with the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations. 
 
The disclosure triggered heavy selling in the company's shares, with the stock plunging 20% to ₹192, the maximum permissible decline on the NSE SME platform, amid investor concerns over the developments. 
 
The incident has drawn significant attention from investors as it involves the company's senior management. Market participants are expected to closely monitor further disclosures by GSM Foils and the progress of the investigation.
 
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