Snowcem tumbles after Sebi order

DALAL STREET SPIKES

Snowcem hit a high of Rs 19 before closing at Rs 18.60, down by 19.80 per cent, its lower circuit. More than 3.35 lakh shares were traded on the BSE.

The counter lost ground on massive selling pressure after the Securities and Exchange Board of India banned the company from accessing capital market or dealing in securities for two years for allegedly manipulating the company's stock.

According to reports, Sebi has barred Snowcem from accessing the capital market for two years on charges of stock price manipulation in 1999.

In an order issued under Sections 11 and 11 B of the Sebi Act 1992 and Regulation 11 of the Sebi (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003.