Kajaria Ceramics Shares Dip After Rs 20 Cr Fraud by Arm's CFO; Full Recovery Doubtful

• Kajaria Ceramics shares fell after the company revealed a Rs 20 crore fraud by Dilip Kumar Maliwal, CFO of its subsidiary Kajaria Bathware.
• The fraud, committed over two years, involved embezzlement from Kerovit Global, a step-down subsidiary of Kajaria Ceramics.
• Kajaria Ceramics expects to recover only a portion of the Rs 20 crore, with Rs 50 lakh already recovered.
• The company has filed a complaint with the Deputy Commissioner of Police, Economic Offences Wing, Delhi Police, and the matter is under investigation.
• Despite the fraud, Kajaria Ceramics management asserts strong fundamentals and no discrepancies in other subsidiaries.

Why It Matters: Kajaria Ceramics faces Rs 20 crore fraud by CFO; full recovery unlikely, but fundamentals strong.