Nitin Sandesara, the promoter of Sterling Biotech has a notorious reputation, thanks to his Rs.5300 crore fraud detected by the CBI and Enforecement Directorate (ED). Now the news is that, Sandesara who has been absconding, believed to be in the UAE, has fled from there too and is now alleged to be in Nigeria. He was detained by authorities in the UAE for an offence related to local issues.
The stock as such is a penny stock, hardly worthy of anything on the bourses. Yet today, it fell further to hit a new low at 73 paise, breaching the 5% LC.