Kajaria Ceramics rocked by ₹20 Cr fraud; Investors lose ₹2000 Cr as shares plunge

• Kajaria Ceramics' subsidiary, Kerovit Global, hit by ₹20 crore fraud involving CFO Dilip Kumar Maliwal.
• Fraud, spanning two years, involved siphoning funds via fake Capex/CWIP and fictitious vendors.
• Discovery through "Operation Mathan" led to CFO's termination and FIR with Delhi Police.
• Company shares plunged 8.5%, wiping out ₹2000 crore from market cap in 7 trading sessions.
• Fraud impacts quarterly profit by 15%, full-year by 6.6%; full recovery of funds is difficult.

Why It Matters: Kajaria Ceramics faces governance crisis after ₹20 Cr fraud, causing ₹2000 Cr investor loss.