Honasa shares dropped nearly 5% after the company received a judgment from the Dubai Court that upheld a prior order to attach its assets in the UAE.
This comes after Honasa filed a claim against a precautionary attachment order issued in June 2024. The verdict has no financial implications for Honasa because a previous Delhi High Court order required RSM to withdraw execution proceedings in Dubai and deposit Rs. 57 crores. Honasa is seeking contempt proceedings against RSM for non-compliance with the Delhi High Court order.
As of 1:57 pm, Honasa shares were trading 3.49% lower at Rs 431.60 on the NSE.
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