Hero Nagarjuna Backs Off From Vanpic

[Jilebi]

Actor Nagarjuna is busy selling his stakes in Vanpic after its promoter Nimmagadda Prasad is kept behind bars. Many more high profile celebrities of the city are expected to follow him now.

Nagarjuna along with few other Tollywood celebrities has invested in Matrix Holdings, promoted by Nimmagadda Prasad. Reportedly, the actor owns around 2 lakhs shares in Matrix company that executes Vanpic (Vadrarevu and Nizampatnam Port and Industrial Corridor). On the other hand, Nag and Nimmagadda along with Congress MP Megastar Chiru owns around 80% stake in MAA TV.

Analysts are saying that many more celebrities will follow Nagarjuna and offload their shares from the company, as they too might come under CBI scanner if they wish to continue with Nimmagadda's group. Jagan's assets case is slowly vandalising the strong business roots of AP's influential industrialists and celebrities.