In an exchange filing, GSM Foils said the firing incident took place in the Naikpada area in Vasai-Virar, located near Mumbai. After getting injured in the incident, the company said that Parmar received prompt medical attention and is presently under proper medical care. His health condition was reported to be stable and improving.

Sagar Bhanushali, a whole time director of the company, was then taken into police custody in relation to the ongoing investigation into the firing case. The company said it is extending full cooperation to the investing authorities.

The senior management team has taken the necessary steps to ensure continuity of the company’s operations. At present, the company’s manufacturing facilities at Vasai and Ahmedabad, Plant continue to function normally,’ it added.

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GSM Foils share price

GSM Foils shares crashed 20% to close at Rs 192 apiece on NSE. Notably, the exchange filing came in the post market hours of Friday.

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GSM Foils manufactures blister foils and aluminium pharma foils for the pharma industry. The sharp fall in the share price came prior to that as media reports around the incident surfaced.

US stock market losses behind murder plot?

Bhanushali plotted the attack to evade repaying Parmar Rs 32 crore and gain complete control over the company, Times of India reported. According to police officials cited by the report, Bhanusali suffered massive financial losses during a sharp selloff in the US stock market, leaving him burdened with debts running into crores.
The report quoted investigators as saying that Bhanusali had persuaded Parmar to purchase his stake in the company and took nearly Rs 32 crore. Instead of repaying the said amount, he allegedly conspired to kill Parmar, thinking this death would wipe out the liability and enable him to take complete control of the company.The attack took place on July 24 at the company’s premises when two motorcycle-borne hitmen opened fire at the 46-year old Parmar, who was hit in the shoulder by the first bullet.

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Coveo First Quarter Fiscal 2027 Financial Results Conference Call. [Operator Instructions] This call is being recorded on Thursday, July 30, 2026. I would like to turn the conference over to Adhir Kadve. Please go ahead.

Adhir Kadve
Head of Investor Relations

Good afternoon, everyone, and thank you for joining us. With me to discuss Coveo’s first quarter fiscal 2027 results are Laurent Simoneau, Coveo’s co-founder and Chief Executive Officer, Louis Têtu, Coveo’s Executive Chairman, and Karine Hamel, Coveo’s Chief Financial Officer. A reminder that some remarks made today will be forward-looking statements within the meaning of applicable securities laws, including those regarding our planned objectives, expected performance, and our outlook for the second fiscal quarter and full year fiscal 2027. These are forward-looking statements given as of July 30, 2026, and while we believe any statements we make are reasonable, they are based on current expectations and assumptions which are subject to risks and uncertainties.

Actual results could differ materially from those expressed or implied. Coveo disclaims any intent or obligation to update our forward-looking statements, whether as a result of new information, future events, or otherwise. Further information on factors that could affect the company’s financial results is included in the filings we make with Canadian Securities Regulators, including the Risk Factors section of the company’s

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