AIA Engineering employee held for possible fraud

News: Rajnikant Ambalal Patel, an employee of AIA Engineering has been found to have possibly committed a fraud by unlawful acquisition, possession and intentional misuse of confidential information related to certain products of the company. company lodged an FIR against a deputy manager for allegedly sending confidential information related to heat treatment to the rival company. AIA Engineering primarily designs, develops, manufactures, and installs high chromium wear, corrosion and abrasion-resistant castings, used in mining, cement, and thermal power generation industries.

Views: Some business has gone to his competitor due to this (can’t quantify), so sentimentally negative reaction may come on the stock.

Impact: Negative