Gitanjali Gems, Amtek Auto plunge 5% on trade suspension order

NEW DELHI: Shares of Gitanjali Gems, Amtek Auto and Panoramic Universal hit lower circuit of 5 per cent after NSE and BSE announced that they will suspend trading in these firms next month.Both the exchanges will suspend trading in the shares of as many as nine companies from September 10 for not complying with listing norms pertaining to submission of financial results.However, if any company complies with the provisions of the LODR (Listing Obligations and Disclosure Requirements) Regulations on or before the date prescribed by the exchanges, the trading in its security will not be suspended, according to separate communications dated August 17 from the exchanges.In the case of the BSE, the date is September 4, and for the NSE, it is September 5.Both the exchanges will together suspend trading in Gitanjali Gems, Amtek Auto, Easun Reyrolle and Panoramic Universal. However, the BSE will suspend Thambbi Modern Spinning Mills, Indo Pacific Projects, Haryana Financial Corporation, Noble Polymers and Samruddhi Realty too.Easun Reyrolle was down 4.89 per cent in early trade, while Thambbi Modern Spinning Mills, Indo Pacific Projects, Noble Polymers and Samruddhi Realty dipped up to 5 per cent.Shares of Noble Polymer and Haryana Financial Corporation were up 3.23 per cent and 4.89 per cent, respectively, at Rs 0.32 and Rs 24.65, respectively, at around 9.30 am (IST).With regard to Samruddhi Realty and Noble Polymers, the BSE said that both the firms have submitted the financial results but "not paid the applicable fines".Also, the entire promoter shareholding of the firms have been frozen from August 17 till further notice, the exchanges said.In a circular, the NSE said if the companies fail to comply with the provisions of LODR Regulations on or before September 5, then trading in their equity shares will be suspended from September 10 and the suspension will continue till the time they comply. 65460607

from The Economic Times https://ift.tt/2MrCWLN