Shares of Man Industries (India) Ltd. declined 16 per cent on Tuesday, September 30, following an order from the Securities and Exchange Board of India (SEBI) barring the company and its three top executives from accessing the securities markets for two years.

The company said the restriction has no effect on its day-to-day operations. “The company does not engage in any trading activity in securities markets, and therefore, the directions relating to restraint from accessing the securities market have no impact on its core business operations,” it stated in an exchange filing.

Man Industries added that the penalty is minimal relative to the size of its operations and reiterated that it continues to have a strong order book of Rs 4,700 crore and is fully operational.

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