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The Securities and Exchange Board of India has suspended Lyons Range Share Broking, following observations on unusual price rise in the Ankit Prachi Trading and Investments Ltd stock. The latter had moved from Rs 8.40 to Rs 86 during a critical period.

The rise was neither justified by the fundamentals of the company nor any of the announcements made by it during this period, SEBI has stated in an order. It has referred to off-the-floor transactions, which were executed by the broker outside the recognised stock exchange and not reported to the stock exchange.

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