Mumbai: Entertainment firm Pyramid Saimira
Theatre on Wednesday nosedived nearly ten percent to hit the lower
circuit on the Bombay Stock Exchange, a day after market
regulator SEBI banned the entity from dealing in stock markets
for seven years.
Shares of Pyramid Saimira plunged 9.86 percent to hit
the lower trading limit at Rs 19.65 on the BSE. At the
National Stock Exchange also the scrip plunged 9.82 percent
to Rs 19.75.
During early morning trade a total of 5,289 shares of
Pyramid Saimira changed hands on both the bourses.
Yesterday, SEBI banned Pyramid Saimira Theatre from
dealing in stock markets for seven years after it found that
the company colluded with seven persons to corner the portion
reserved for employees in its Initial Public Offer in 2006.
As per SEBI investigations, seven persons had cornered
98.5 percent of 4,22,200 shares in the 'employee category' in
collusion with the company during the Initial Public Offer of
PSTL which hit the market in December 2006.
The seven persons are Kishore S Jain, Jayantilal R Jain,
Sripal J Shah, Rajesh Prakashchandra Jain, Praveen Kumar Devi
Chand Jain, Dheeraj Jain and Sanjay Jhabak.
Bureau Report
First Published: Wednesday, November 11, 2009, 12:12