Shares slide after SAT lifts ban on 'shell' firms

Of the 331 companies barred by Sebi, trading was active in 161 companies

Shares of eight companies fell sharply on Monday after the Securities Appellate Tribunal (SAT) temporarily stayed the trading ban imposed on them by market regulator Securities and Exchange Board of India (Sebi) for being "suspected shell companies".

Shares of Pincon Spirit, Signet Industries and KKalpana Industries hit their 20 per cent lower limit, while that of Parsvnath Developers hit its 10 per cent lower limit. SQS India BFSI and Kavit Industries saw their share prices erode by six per cent and three per cent respectively.

Trading in these companies resumed after August 7, when stock exchanges had moved the scrips to the