 "Hosiery maker Lux Industries tumbles 20% following Sebi order")
Shares of Kolkata-based hosiery maker Lux Industries slumped 20 per cent on Tuesday, a day after Sebi barred 14 entities for insider trading in its scrip.
The regulator also impounded wrongful gains worth nearly Rs 3 crore. Those barred included Udit Todi, company’s executive director and son of the MD.
The regulator also impounded wrongful gains worth nearly Rs 3 crore. Those barred included Udit Todi, company’s executive director and son of the MD.
Sebi’s initial findings revealed that Todi has passed price sensitive information pertaining to financial results of the company.
The information was allegedly used to build long position in shares of Lux by connected entities in May 2022 ahead of its result announcement. Shares of Lux ended at Rs 2,808, down Rs 702, or 20 per cent.
The company in a statement to stock exchanges said, “The company has initiated the process of seeking required clarification and explanation from the concerned person.”
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