Though the 47-year-old scion of the $7.5 billion Wadia Group will not have to serve any jail time for now and is believed to be back in India, the overhang of the episode may linger for a while on group companies. On Tuesday, shares of several Wadia group companies plunged as investors fretted about Ness Wadia’s ability to lead the group and succeed his ageing father. Ness is the first in line to head the Wadia conglomerate, which has interests in textile, aviation, real estate and food, among other businesses. The Wadia Group said the suspended sentence and the judgement would not impact Ness Wadia in discharging any of his responsibilities. “Ness Wadia will continue to play the role that he has done hitherto, both within the Group and outside," it said in a statement.

Source: Mint April 30, 2019 18:56 UTC