Kajaria Ceramics Shares Plunge Amid Rs 20-Crore Fraud, Emkay Says 'Buy'

• Kajaria Ceramics shares fell for the seventh consecutive day due to a Rs 20-crore fraud by its subsidiary's CFO.
• Dilip Kumar Maliwal, CFO of Kajaria Bathware, embezzled funds from Kerovit Global over two years.
• The company terminated Maliwal, filed a police complaint, recovered Rs 50 lakh, and is strengthening internal controls.
• Emkay maintained a 'buy' rating with a Rs 1,550 target, citing effective management handling and strong fundamentals.
• Nuvama Wealth Management cut its valuation due to governance concerns, reducing the P/E multiple.

Why It Matters: Kajaria Ceramics faces stock drop and valuation cuts due to fraud, despite management action and Emkay's 'buy' rating.