JKumar Infra, Prakash Ind shares tank up to 20%

Updated: Fri, Aug 11, 2017
11:00 am
PTI
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Shares of JKumar Infraprojects

and Prakash Industries resumed trading today, crashing by up

to 20 per cent to hit lowest trading permissible limit for the

day, after SAT stayed trading restriction imposed on them.

JKumar Infraprojects shares opened at Rs 226.95, plunging

19.98 per cent against Rs 283.65 (Monday's closing price) on

BSE. At the open of the trade, the stock hit its lowest

trading permissible limit for the day.

At NSE too, the scrip of JKumar Infraprojects slumped

19.98 per cent to Rs 227.35 -- its lower circuit.

Shares of Prakash Industries also tanked 20 per cent to

Rs 111.20 -- its lower circuit limit -- on BSE.

Prakash Industries dropped 19.99 per cent to Rs 111.45 on

NSE.

BSE and NSE had in similar circulars yesterday said,

shares of these companies would be moved out of GSM (Graded

Surveillance Measures) framework and made available for

trading with effect from August 11.

The move came after the Securities Appellate Tribunal

(SAT) yesterday stayed trading restrictions imposed on these

companies, which figured in the list of 331 "suspected shell

companies" referred by the government to Sebi.

Sebi, on August 7, asked stock exchanges to restrict

trading in shares of 331 "suspected shell companies", some of

which have investments by several well-known domestic and

foreign investors.

Subsequently, the exchanges had moved such stocks to the

highest sixth grade of GSM, where the shares are allowed to

trade only on first Monday of the month with no upward

movement in price with Additional Surveillance Deposit of 200

per cent of trade value to be deposited by the buyers.

JKumar Infraprojects and Prakash Industries had moved the

SAT against the Sebi directions.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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