New Delhi: Shares of Parsvnath Developers, Pincon Spirit, Signet Industries and three others plunged up to 20% after trading resumed at their counters on Monday after the SAT stayed curbs imposed on these companies.
The scrip of Parsvnath Developers tumbled 9.81% to Rs21.15—its lower circuit limit—on BSE. Shares of Pincon Spirit slumped 19.96% to hit its lowest trading permissible limit for the day at Rs57.35.
Signet Industries plummeted 19.96% to Rs8.94—its lower circuit limit, SQS India BFSI plunged 15.86% to Rs422, its 52-week low.
Besides, shares of two companies—Kavit Industries and Kkalpana Industries (India) Ltd—listed only on BSE also tanked 4.90% to hit its lowest trading permissible limit for the day at Rs36.80 and 19.92% to Rs30.35 (lower circuit), respectively.
Leading bourses NSE and BSE on Friday said trading will resume in shares of Parsvnath Developers and three others from Monday after the SAT stayed curbs imposed on these companies.
Besides, shares of Kavit Industries and Kkalpana Industries will also start trading, BSE had said. The shares of these companies will be moved out of GSM (graded surveillance measures) framework and will be available for trading with effect from 14 August, the exchanges had said in similarly-worded circulars.
The move came after the Securities Appellate Tribunal (SAT) on Friday stayed trading restrictions imposed on these companies, which figured in a list of 331 “suspected shell companies" referred by the government to Sebi.