Pyramid Saimira hits lower circuit on Sebi ban

Entertainment firm Pyramid Saimira today slipped five per cent in early trade on the bourses to hit its lower circuit, a day after market regulator Sebi barred two of its promoters from trading till further orders.

On the Bombay Stock Exchange, shares of the company dipped 4.99 per cent to hit a lower circuit at Rs 17.32, while on the National Stock Exchange, the stock skid 4.92 per cent to touch its lower circuit at Rs 17.40.

Marketmen said investors dumped the stock after yesterday's development, besides, the overall bearish trend in the broader market also dragged the counter.

Yesterday, Sebi barred Pyramid Saimira's promoters -- Nirmal N Kotecha and P S Saminathan -- from trading in securities till further orders for their alleged role in issuing a fictitious Sebi letter to manipulate share prices.

Besides the two promoters, Sebi in an interim order in the case has also barred 228 persons and entities from dealing in shares, including initial public offerings, till further directions.

The order in the Pyramid Saimira case relates to media reports in December last year that Sebi had directed Saminathan to make an open offer for an additional 20 per cent stake at a price not less than Rs 250.

Following such reports Sebi clarified that no such order or letter has been issued by Sebi to Saminathan.