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Coffee Day, CG Power hit 5% lower circuit as BSE, NSE to suspend trading

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.

SI Reporter  |  Mumbai 

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Shares of (Rs 37.70) and and Industrial Solutions (Rs 10.29) were locked in the lower circuit of 5 per cent for the second straight day after BSE and National Stock Exchange (NSE) announced suspension of trading with effect from February 3, 2020.

“The exchange will suspend trading in shares of and and Industrial Solutions with effect from February 3 for not complying with listing norms pertaining to submission of quarterly financial results,” BSE and NSE said in separate circulars on January 10, 2020.

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).

In case the companies fail to comply and/or pay fine as per the provisions of SEBI circular on or before January 29, 2020 then the trading in securities of the companies would be suspended w.e.f. February 03, 2020. The suspension will continue till such time the companies complies including the payment of fine, it added.

The 15 days after suspension has been effected, trading in securities of non-compliant companies would be allowed on Trade for Trade basis in (Series “BZ”) on the first trading day of every week for six months, the circular said.

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

Both these stocks are currently trading under ‘Z’ category and settled on trade-for-trade basis. Under the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.

Till 12:31 pm, a combined 97,707 equity shares changed hands on counter. There were pending sell orders for 1.6 million shares on the BSE and NSE so far.

The trading volumes on counter surged more than two-fold with a combined 992,436 share changed so far today. There were pending combined sell orders for 457,882 shares on both the exchanges.

First Published: Tue, January 14 2020. 12:37 IST
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