Mumbai:The BSE and NSE on Friday asked their trading members to withhold securities and fund payouts with regard to trading done in Surana Solar in the previous two sessions.
The move comes on orders of capital market regulator Sebi to the stock exchanges "to stop payout in the scrip of Surana Solar for June 10 and 11".
Surana Solar shares fell over 32 per cent in the last two trading sessions following reports that ace investor Rakesh Jhunjhunwala had not bought shares worth Rs 2.56 lakh in the company on June 9.
"Members may please note that for the trading done in Surana Solar on June 10 and 11, 2015, they shall not effect any payout to their clients (both funds and securities) at their end as well, so as to comply with the directives of Sebi in this regard," BSE and NSE said in separate circulars today.
The pay-out of securities and funds in respect of Surana would be withheld until further notice, the exchanges added.
As per the data on the bourses, Jhunjhunwala had bought shares worth Rs 2.56 lakh in Surana at an average price of Rs 53.74 in a bulk deal on the NSE on June 9.
But later, it was known that the deal was not done by him but a namesake bought shares in the company from open market and this triggered the sell-off in the counter.
As the news went viral, investors dumped the shares on Wednesday and the sell-off continued today as well.
Surana Solar, formerly known as Surana Ventures, makes solar energy systems with focus on solar photovoltaic modules.
The company shares closed at Rs 32.25 a piece, down 9.92 per cent on the BSE.
