{"id":3213,"date":"2020-01-10T15:52:09","date_gmt":"2020-01-10T15:52:09","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2020\/01\/10\/edelweiss-financial-shares-down-10-on-report-of-summon-to-chairman-rashesh-shah\/"},"modified":"2020-01-10T15:52:09","modified_gmt":"2020-01-10T15:52:09","slug":"edelweiss-financial-shares-down-10-on-report-of-summon-to-chairman-rashesh-shah","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2020\/01\/10\/edelweiss-financial-shares-down-10-on-report-of-summon-to-chairman-rashesh-shah\/","title":{"rendered":"Edelweiss Financial shares down 10% on report of summon to chairman Rashesh Shah"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden size-full wp-image-1809329\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2020\/01\/1-14.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2020\/01\/1-14.jpg 660w, https:\/\/images.financialexpress.com\/2020\/01\/1-14-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/01\/1-14-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/01\/1-14-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"size-full wp-image-1809329\" src=\"https:\/\/images.financialexpress.com\/2020\/01\/1-14.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2020\/01\/1-14.jpg 660w, https:\/\/images.financialexpress.com\/2020\/01\/1-14-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/01\/1-14-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/01\/1-14-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">Rashesh Shah writes and delivers lectures on topics related to financial markets, development, macroeconomic policies, and related matters.<\/span><\/figure>\n<\/div>\n<p>Shares of Edelweiss Financial plunged 10 per cent on media reports that group founder and chairman Rashesh Shah has been summoned by the Enforcement Directorate (ED) on Friday in connection to a Rs 2,000 crore forex scam. The scrip of <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/edelweiss-financial-services-ltd-stock-price\/\" rel=\"noopener noreferrer\">Edelweiss Financial Services<\/a> Limited was trading at 105.50, down 11.70, or 9.98 per cent on BSE at the time of reporting. However, the company termed the reports false and baseless. The company is expected to issue a response on the matter to the stock exchanges soon.<\/p>\n<p>Rashesh Shah is the chairman and chief executive officer (CEO) of the Edelweiss Group. He is also the co-founder of Edelweiss Financial Services. Rashesh Shah writes and delivers lectures on topics related to financial markets, development, macroeconomic policies, and related matters.<\/p>\n<p>In Q2,\u00a0 Edelweiss Financial Services reported nearly 50 per cent fall in its consolidated net profit at Rs 134.49 crore for the first quarter ended June 30, 2019. In the corresponding April-June quarter of previous fiscal, the company\u2019s net profit was at Rs 263.32 crore. The total consolidated income increased to Rs 2,545.93 crore in the three months to June of FY20, as against Rs 2,476.14 crore in the year ago period.<\/p>\n<p><b>Also read: <a href=\"https:\/\/www.financialexpress.com\/industry\/tata-vs-mistry-supreme-court-stays-nclat-order-restoring-cyrus-mistry-as-tata-group-chairman\/1818851\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tata vs Mistry: Supreme Court stays NCLAT order restoring Cyrus Mistry as Tata Group chairman<\/a><br \/><\/b><\/p>\n<p>The firm\u2019s retail credit book was at Rs 16,981 crore and corporate credit book stood at Rs 16,987 crore at the end of first quarter of this fiscal. The company\u2019s total credit book including distressed credit stood at Rs 42,599 crore at June end. The gross non-performing assets (NPAs) stood at 2.33 per cent and net NPAs at 1.24 per cent.<\/p>\n<p>Meanwhile, the equity benchmarks \u2014 Sensex and Nifty \u2014 ended on a positive note despite falling from the day\u2019s high on easing situation in the Middle East.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n<div class=\"jobbi-after-content-jh-placement jobbi-entity-placement\" id=\"jobbi-686701208\"><div id=\"jobbi-2578058061\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5862940809620110\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-5862940809620110\" \ndata-ad-slot=\"\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>[ad_1] Rashesh Shah writes and delivers lectures on topics related to financial markets, development, macroeconomic policies, and related matters. Shares of Edelweiss Financial plunged 10 per cent on media reports that group founder and chairman Rashesh Shah has been summoned by the Enforcement Directorate (ED) on Friday in connection to a Rs 2,000 crore forex [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":2681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/3213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=3213"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/3213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/2681"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=3213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=3213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=3213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}