Shares of Allied Blenders and Distillers Ltd (NSE: ABDL) plunged sharply by 7.22% to ₹296 in Monday’s trade following a major setback linked to the ongoing liquor scam investigation in Andhra Pradesh. The fall came after the state’s Special Investigation Team (SIT), probing the ₹4,000 crore liquor scam allegedly linked to the previous YSRCP regime, ordered the freezing of the company’s bank accounts.
According to the SIT, evidence of large-scale malpractices has emerged against the NSE-listed liquor giant. The order to freeze accounts aims to help establish a money trail as part of the financial probe.
At 12:49 PM, the stock was trading lower by ₹23.05 from its previous close of ₹319.05. The day’s low stood at ₹287.55, highlighting intense selling pressure after the development surfaced.
The SIT has formally communicated the directive to banks, seeking the freezing of all accounts held by Allied Blenders. The company is believed to be one of the entities involved in distribution operations during the tenure of the previous government in Andhra Pradesh.
With a market cap of ₹82.82 billion, this sharp intraday decline reflects investor concerns over the potential financial and regulatory impact of the probe.
More updates are awaited as the investigation progresses.
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