Kajaria Ceramics shares in focus after CFO of subsidiary accused of ₹20 crore fraud

Shares of Kajaria Ceramics Ltd. are in focus on Monday, December 22, after the company on Friday accused Dilip Kumar Maliwal, the chief financial officer of its wholly-owned subsidiary, of fraud. It has also set up an investors conference call at 11 AM today, regarding the same.

The company informed the stock exchanges on Friday that Maliwal, the CFO of Kajaria Bathware Pvt. Ltd. (KBPL), had embezzled and siphoned off funds worth around ₹20 crore of its wholly-owned subsidiary Kerovit Global Pvt. Ltd. (KGPL) over the last two years.

It said the loss due to the same would impact KGPL as it was an ultimate holding of the firm.

Kajaria Ceramics said it has filed a complaint with the deputy commissioner of police, economic offence wing, Delhi Police and the station house officer, Badarpur police station in Delhi on December 18, 2025, immediately after unearthing the fraud, which is under investigation.

The company has also terminated Maliwal from the services of KBPL.

It added that the matter will be put up before the appropriate committee of the board of directors to take further steps to ensure appropriate safeguards are put in place to avoid an incident like this in the future.

Shares of Kajaria Ceramics Ltd. ended the previous session 1.9% lower at ₹1,048 apiece. The stock has declined 10.6% this year, so far.

Also Read: GE Vernova T&D India shares in focus after winning large AESL HVDC project order