Sebi orders withholding payouts in select Surana trades

BSE and the NSE today asked their trading members to withhold securities and fund payouts with respect to certain trades done in Surana Solar shares in the previous two days.
Surana Solar shares have fallen over 32 per cent in the last two trading sessions following reports that ace investor Rakesh Jhunjhunwala had not bought shares worth Rs 2.56 lakh in the company on June 9.
In separate circulars, the two stock exchanges said that "payout of securities and funds" with respect to four transactions in the company's shares should be withheld until further notice.
The payout of funds shall include funds payment arising out of close out of the said security in respect of these settlements as well, the circulars said.

Earlier in the day, circulars were issued by the exchanges for withholding payout of securities and funds in compliance with Sebi directives.
The Securities and Exchange Board of India (Sebi) had asked the stock exchanges to "to stop payout in the scrip of Surana Solar for June 10 and 11".

As per the data on the bourses, Jhunjhunwala had bought shares worth Rs 2.56 lakh in Surana at an average price of Rs 53.74 in a bulk deal on the NSE on June 9. But later, it was known that the deal was not done by him but his namesake and this triggered the sell-off in the counter.

As the news went viral, investors dumped the shares on Wednesday and the sell-off continued today as well.
Surana Solar, formerly known as Surana Ventures, makes solar energy systems with focus on solar photovoltaic modules.
Shares of the company fell nearly 10 per cent to close at Rs 32.25 apiece on the BSE today.