RBZ Jewellers Ltd receives partial insurance claim of Rs. 1.01 crore

RBZ Jewellers Limited has received an amount of Rs. 1,01,82,444/- (Rupees One Crore One Lakh EightyTwo Thousand Four Hundred Forty-Four Only) from the insurance company "IFFCO-Tokio General Insurance Co. Ltd" towards partial settlement of the Insurance claim lodged in connection with the fraud committed by an employee of the Company. After receipt of this Insurance claim, the total recovery stands at Rs. 1,24,57,337/-(Rupees One Crore Twenty-Four Lakh Fifty-Seven Thousand Three Hundred Thirty-Seven Only).

The estimated impact of the fraud as earlier disclosed was Rs. 1,98,11,486/- (Rupees One Crore Ninety-Eight Lakh Eleven Thousand Four Hundred Eighty-Six Only) (as per previous intimation). At present, after receipt of thisInsurance claim amount, the net financial impact on the Company stands reduced accordingly.

The Company continues to pursue recovery of the remaining amount and is extending full cooperation to the investigating authorities.

Shares of RBZ Jewellers Limited was last trading in BSE at Rs. 124.85 as compared to the previous close of Rs. 127.40. The total number of shares traded during the day was 2200 in over 85 trades.

The stock hit an intraday high of Rs. 126.95 and intraday low of 122.35. The net turnover during the day was Rs. 274551.00.

Source : Equity Bulls

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