Coffee Day, CG Power shares fall on trading suspension announcement

Shares of Coffee Day Enterprises and CG Power and Industrial Solutions on Monday fell by up to 5 per cent after the announcement that BSE and NSE will suspend trading in their shares from February 3 for not complying with listing norms.

The scrip of Coffee Day Enterprises tanked 4.92 per cent to close at Rs 39.65 -- its lowest trading permissible limit for the day on the BSE.

On the NSE, it dropped 4.91 per cent to close at Rs 39.65.

Shares of CG Power and Industrial Solutions also declined 4.93 per cent to close at Rs 10.80 -- its lower circuit limit -- on the BSE and on the NSE, it dipped 4.88 per cent to Rs 10.70.

Leading stock exchanges BSE and NSE will suspend trading in shares of cafe chain operator Coffee Day Enterprises and fraud-hit CG Power and Industrial Solutions from February 3 for not complying with listing norms pertaining to submission of quarterly financial results.

However, if companies comply with the provisions of listing norms on or before January 29, trading in its securities will not be suspended, BSE and NSE said in separate circulars.

The exchanges said these firms have not submitted the financial results for June 2019 and September 2019 quarter and/or not paid the fine amount levied for the non-compliance, as required under the listing norms of Securities and Exchange Board of India (Sebi).

Consequently, trading in securities of these companies will be suspended with effect from February 3, 2020 "on account of non-compliance with Regulation 33 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters -- June 2019 and September 2019.