371 stocks including Bandhan Bank, J Kumar Infra, HDIL hit lower circuit

Bombay Dyeing, Forbes & Company, 8K Miles, Indiabulls Ventures, Kwality, Vakangee, Adani Green, Supreme Infra, Excel Industries and Kiri Industries have been locked in lower circuit on the BSE.

Shares of Bandhan Bank, J Kumar Infraprojects, Bombay Dyeing & Manufacturing Company, Forbes & Company, 8K Miles Software Services, Indiabulls Ventures and Kwality were among 371 stocks frozen at their respective lowest level of the day on the BSE.

Vakangee, Adani Green Energy, Supreme Infrastructure, Excel Industries, IFB Agro Industries, Kiri Industries, TVS Electronics, Action Construction Company and Ramkay Infrastructures too were locked in lower circuit of 5% on the BSE.

Of the 371 stocks, as many as 309 scrip were from XT (137), X (103) and T (69) group, the BSE data shows. In these segments, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory. Each trade under these groups is seen as a separate transaction and there’s no netting-out of trades as in the normal rolling system.

Bandhan Bank has locked in lower circuit of 20% at Rs 451 following Reserve Bank of India’s (RBI's) decision to stop the private sector lender from opening new branches and freezing the remuneration of its managing director & chief executive officer (MD & CEO) Chandra Shekhar Ghosh.

“The RBI has communicated to us that since the Bank was not able to bring down the shareholding of Non Operative Financial Holding Company (NOFHC) to 40% as required under the licensing condition, general permission to open new branches stands withdrawn and the Bank can open branches with prior approval of RBI,” Bandhan Bank on Friday said in a regulatory filing.

It also said that remuneration of the bank's MD & CEO, Chandra Shekhar Ghosh, stood frozen at the existing level until further notice. The Bank is taking necessary steps to comply with the licensing condition to bring down the shareholding of NOFHC in the Bank to 40% and shall continue to engage with RBI in this behalf, it added.

J Kumar Infraprojects too locked in lower circuit of 20% at Rs 164 on the BSE after the Securities Board of India (SEBI) has directed the company to appoint an independent auditor for forensic audit.

J Kumar Infrapojects said that the Whole Time Member, Securities and Exchange Board of India has passed an interim order dated September 28, 2018 in which it has recorded certain prima facie findings against the Company on the basis of some prima facie materials.

This order is not a final order and SEBI vide the said order has asked the exchange to appoint an independent forensic auditor to conduct the forensic audit of the Company for limited transactions as recorded in the order, it added.

All the documents which were asked by SEBI were duly provided by the Company except certain documents which were more than eight years old and so were not in possession of the Company, J Kumar Infraprojects said.

The company is taking legal advice in the matter and management of the Company is confident that findings of the order will be set aside upon proper appreciation of the facts and circumstance by SEBI, it added.

Security Group	Upper Circuit	Lower Circuit	Total
A	0	2	2
B	15	51	66
M	0	8	8
P	1	1	2
T	15	69	84
X	33	103	136
XT	50	137	187
Total	114	371	485