Mumbai:
The Securities and Exchange Board of India has asked stock exchanges to withhold payout in Surana Solar stock, a day after Rakesh Jhunjhunwala clarified that he had no investments in the Hyderabad-based company . Shares of Surana Solar fell almost 10% to close at ` . 53.05 on Friday.
On June 9 (Tuesday), exchange data showed Rakesh Jhunjhunwala had bought 2.56 lakh shares of Surana So . 53.74 apiece.lar at ` The next day , Surana Solar shares rose as much as 17.4% in early trades on higher volumes, but the stock crashed mid-way through the session after the market came to know that Jhunjhunwala had not made any purchase. The stock ended at ` . 44.75, down about 16% on June 10 (Wednesday). The stock again tanked 20% on Thursday to end at . 35.80.Since this confusion, the stock ` has fallen 42% in four trading session.
“Sebi vide its email dated June 11, 2015 has directed the exchanges to withhold payout in the scrip of Sura na Solar for June 10, 2015 and June 11 till further notice,“ BSE said in a notice posted on its website.
“In order to comply with the Sebi direction in the matter, trading members are requested to note that for the trading done in Surana Solar on June 10, 2015 and June 11, they shall not effect any payout to their clients (both funds and securities) arising out of their inter-client positions at their end as well till further notice,“ it said.
As on March 31, promoters held 75% stake in the company.
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