Shares of Allied Blenders & Distillers Ltd declined by 6% following action by the Andhra Pradesh Special Investigation Team (SIT) in connection with the ₹4,000 crore liquor scam during the previous YSRCP regime.
The SIT, formed by the Andhra Pradesh government to investigate alleged irregularities in liquor procurement and distribution during the YSRCP regime, has reportedly uncovered evidence pointing to Allied Blenders & Distillers Ltd’s involvement in the scam. The SIT claims to have found material suggesting widespread malpractices and financial discrepancies.
To establish the money trail, the SIT has issued a formal directive to financial institutions, instructing them to freeze the bank accounts of ABD. A copy of the letter addressed to the banks has been shared as part of the SIT’s communication with stakeholders.
Allied Blenders shares opened at ₹321.35, hitting a high of ₹331.25 and a low of ₹287.55 during the session. The stock remains volatile, nearing its 52-week low of ₹279.00, while the 52-week high stands at ₹444.40.
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