Shares of Parsvnath Developers, Glodyne Technoserve and Pipavav Defence today fell by up to 5 per cent, following market regulator SEBI barring 19 entities for manipulation in stock prices of the three.
SEBI had also found manipulation in Tulip Telecom.
After the initial probe into the July 26 plunge of 20-26 per cent in four mid-cap stocks — Parsvnath, Tulip Telecom, Glodyne Technoserve and Pipavav Defence — SEBI on Friday night barred 19 entities, including three individuals, from the securities market till further orders.
Shares of Glodyne Technoserve plunged 4.98 per cent to a 52-week low of Rs 161.10, while Parsvnath lost 2.56 per cent at Rs 38 on the BSE.
Pipavav Defence, too, fell by 2.23 per cent. Tulip Telecom, however, was trading 0.55 per cent up.
The 19 entities, many of whom are found to be related to each other with common addresses and phone numbers in Kolkata, include 4a Financials Securities, A To Z Steels, Ajit Kumar Jain, Cheminare TradeComm, G N Credits and Gajria Jayna Precision Industries.
SEBI had said a sharp downward movement was noticed in these stocks between 0915 and 0949 hours on that day. These stocks witnessed sharp intra-day price volume movement on both BSE and NSE on July 26, although no major corporate announcement or price sensitive information was disclosed to the exchanges by these companies during the previous 15 days.
Keywords: Parsvnath, Glodyne, Pipavav Defence, Parsvnath shares, Glodyne Technoserve shares, Pipavav Defence shares, Tulip Telecom, SEBI ban, SEBI midcap probe, midcap stocks manipulation, stock price manipulation