The company, which claims to be one of India’s largest manufacturers of metal cutting computer numerical control (CNC) machines, announced in an exchange filing on Sunday that the investigation was launched against its wholly owned subsidiary Huron Graffenstaden SAS and certain employees last week. While the formal outcome of the probe is awaited, the French authorities have already undertaken some interim measures.
The authorities have temporarily restricted the director general of Huron Graffenstaden SAS from discharging any duties pertaining to the company. Additionally, they ordered an interim seizure of Huron Graffenstaden SAS’ bank accounts totalling approximately 4 million euros, along with two residential properties owned by Jyothi SAS. A formal judicial investigation against Huron Graffenstaden SAS and some of its employees has also been initiated.
“Huron Graffenstaden SAS has received a notice regarding the actions, refutes the allegations made and is currently seeking better clarity from relevant authorities as well as legal advice in relation to the actions initiated and will contest it strongly. At this juncture, our company believes that while the assets being seized and the services of certain employees who are part of the investigation may not be available to the group for the time being, the current business and operations of Huron Graffenstaden SAS remain as usual,” the company said in its exchange filing.
The actions are not expected to have any adverse impact on business and operations of Jyoti CNC Automation, which on a standalone basis contributed over 85% of revenue from operations for the group, the company said.
Jyoti CNC share price
Jyoti CNC shares tumbled more than 15.5% to trade at Rs 691.90 apiece in the morning trading hours of Monday. The sharp selloff wiped off more than Rs 2,895 crore from the total market capitalisation of the company within minutes from opening, dragging it down to Rs 15,735 crore.
Jyoti CNC shares have dropped more than 29% in 2026 so far, and around 31% in one year. The stock has a P/E ratio of 52.57.
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