Trading to be suspended in 31 companies from March 31; shares plunge up to 20%

By: | Updated: March 29, 2016 12:03 PM

Other firms that will face suspension include Autopal Industries, Diligent Industries, Global Infratech & Finance, Hindustan Wires, Ram Minerals and Chemicals, Unno Industries and Zyden Gentec.

Sensex, bse sensex, stocks market, sensex today, sensex share price, sensex market, stocks today, budget 2016, suspension notice bseShare price of CMI Ltd and Frontline Business Solutions nosedived 20 per cent each to Rs 240.10 and Rs 10.33, respectively. (Reuters)

Shares of CMI Ltd, Risa International, Cupid, Frontline Business Solutions and Lykis hit lower circuit in Tuesday’s trade after the BSE on Monday decided to suspend trading in shares of these companies from Thursday. The list includes another 26 companies which will also be suspended from March 31 (See table).

Share price of CMI Ltd and Frontline Business Solutions nosedived 20 per cent each to Rs 240.10 and Rs 10.33, respectively. Risa International, Cupid and Lykis also slipped 3.16 per cent, 4.98 per cent and 5 per cent, respectively.

Other firms that will face suspension include Autopal Industries, Diligent Industries, Global Infratech & Finance, Hindustan Wires, Ram Minerals and Chemicals, Unno Industries and Zyden Gentec.

BSE, in a circular, informed members that trading in the securities of these “companies shall be suspended with effect from Thursday March 31, 2016.”

BSE announced on Monday trading in these shares will be suspended from March 31 after the exchange had noticed substantial increase in manipulation/abrupt movement in the prices of securities. The common modus operandi was found to be through preferential allotment route.

For example, In the past one year, share price of Risa International tanked 99.47 per cent to Rs 0.95 on March 28, 2016 from Rs 177.90 on the same day a year ago.

List of 31 companies to be suspended from March 31

31 companies suspension list
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Source: BSE

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