Jagan's arrest may hurt some firms

The arrest of Mr Y.S. Jagan Mohan Reddy, Member of Parliament and President of YSR Congress Party, could trigger fresh trouble for stocks such as Ramky Infra, Nava Bharat Ventures and Aurobindo Pharma. Mr Reddy was arrested on Sunday evening by the CBI in a disproportionate assets case. These companies were under CBI scanner earlier. Following the Andhra Pradesh High Court directive, the CBI had investigated into issues relating to transactions of corporates with which Mr Reddy and his firms, and the investments they had made to secure land to set up special economic zones, etc.