Adhunik Industries hits 52-week low; stock slips 20%

The stock hit 52-week low of Rs 83.55, tanks 20% on BSE with no buyers were seen on the counter

Adhunik Industries hits 52-week low of Rs 83.55, tanked 20% on BSE after the Securities Appellate Tribunal (SAT) directed the market regulator and stock exchanges to reverse their decisions all dated August 7, 2017 qua the appellant forthwith.

A combined 2,753 shares changed hands and there were pending sell orders for 197,060 shares on BSE and NSE at 10:40 AM.

Trading in the company resumed after August 7, when stock exchanges had moved the scrip to the so-called stage VI of Graded Surveillance Measure (GSM) for being suspected shell companies.

“After hearing counsel on both the sides, in the peculiar facts of present case, and in view of facts set out in para 5 of the memorandum of appeal, in our opinion, it would be just and proper to direct Securities and Exchange Board of India (SEBI) as also NSE and BSE to forthwith reverse their decision all dated August 7, 2017 qua the appellant, which were all passed without hearing the appellant. Accordingly we direct SEBI and also the stock exchanges to reverse their decisions all dated August 7, 2017 qua the appellant forthwith,” according to SAT Order dated 21 September 2017.

It is made clear that this order shall not come in the way of SEBI as also the stock exchanges to investigate the case of the appellant company further and initiate proceedings if deemed fit, it added.

On September 9, 2017, the Adhunik Industries informed the stock exchanges that the working capital bankers of the Company viz. State Bank of India, Bank of India, Punjab National Bank and Bank of Baroda have reported the Working Capital Account of the Company as Non-Performing Assets (NPA) as stated in the minutes of Joint Lender Forum (JLF) Meeting held on 30th August, 2017.