Ruchi Soya zooms after Sebi revokes ban on 9 firms

Sebi revokes ban on nine firms in a matter related to price manipulation in Ruchi Soya shares

Shares of Ruchi Soya jumped nearly 8% to Rs 33.20 after market regulator the Securities and Exchange Board of India revoked its directions that barred nine firms from the capital market, in a matter related to price manipulation in shares of FMCG major Ruchi Soya Industries.

In February, Sebi through an interim order had restricted the firms from accessing the capital market after it decided they were connected and had manipulated the closing price of Ruchi Soya shares in 2012. In its latest order, the regulator said the matter required a detailed probe and that the interim order need not continue during pendency of the investigation.

The firms against which the ban has been revoked are -- Shreyans Credit and Capital, Betul Minerals and Constructions, Aventis Biofeeds, Betul Oils & Feeds, Sunmate Trade, Moebius Credit and Capital, Navinya Multitrade, Uni24 Techno Solutions and Vision Millennium Exports.

Over 1 million shares were traded so far on the BSE and NSE.