Austral Coke hits lower circuit on Sebi order

The stock could not recover from the day's low and ended at its 5% lower circuit of Rs 48. Over 15,700 shares were traded on the BSE today, with sell orders of 160,122 shares pending at the counter.
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(Updated at 1115 hrs)

Metallurgical coke producer Austral Coke & Projects today hit lower circuit at 4.95 per cent on the Bombay Stock Exchange, a day after market regulator SEBI barred the company from raising any fresh equity after the income tax department unearthed an alleged more than Rs 1,000 crore fraud in the company's transactions.

Shares of Austral Coke & Projects hit lower circuit at Rs 48, down 4.95 per cent on the BSE, similarly the scrip hit the lower circuit at the National Stock Exchange, down 4.97 per cent at Rs 47.85.

The SEBI order comes ahead of the company's board meeting on September 3 to consider raising about Rs 960.22 crore through private placement of shares with institutions.

The I-T department, SEBI said, had observed that a part of Rs 142.29 crore raised by the company last year through an initial public offering was used in fraudulent manner.