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Shares of eight companies fell sharply on Monday after the Securities Appellate Tribunal (SAT) temporarily stayed the trading ban imposed on them by market regulator Securities and Exchange Board of India (Sebi) for being "suspected shell companies".
Shares of Parsvnath Developers, Pincon Spirit, Signet Industries and three others plunged up to 20 per cent after trading resumed at their counters today after the Securities Appellate Tribunal stayed the curbs imposed on these companies.
Shares of Parsvnath Developers, Pincon Spirit, Signet Industries and three others plunged up to 20 per cent after trading resumed at their counters today after the SAT stayed curbs imposed on these companies.
10:05 am Buzzing: PSU banking major State Bank of India extended losses in morning, falling over 1 percent as brokerage houses slashed target price after disappointing earnings and bad asset quality performance in April-June quarter.
The market snapped a five-week winning streak and fell sharply by more than 1,100 points on the Sensex, weighed by geopolitical tensions surrounding around North Korea and disappointing earnings.
The Securities Appellate Tribunal (SAT) on Friday lifted Sebi's trading restrictions on shares of six suspected shell companies, including Parsvnath Developers, and asked the regulator to hear them and also probe them.
Indore: Taking strict action against shell companies, stock market regulator Securities and Exchange Board of India (SEBI) has identified 331 listed companies indulged in unfair trade activities. Prima facie three companies from the city belong to black list. Shell companies are a non-trading company used as a vehicle for various financial manoeuvres or kept dormant for future use in some other capacity.