Stocks

Jhunjhunwala effect: bourses withhold payouts in Surana Solar trades

Our Bureau Chennai | Updated on January 24, 2018 Published on June 12, 2015

suranan

Stock hits a high of ₹64 and a low of ₹32.25 this week

Following the direction from market regulator SEBI, the BSE and the NSE on Friday asked trading members to withhold securities and fund payouts with respect to certain trades done in Surana Solar shares in the previous two days.

The SEBI had asked the stock exchanges “to stop payout in the scrip of Surana Solar for June 10 and 11.” The stock has been in the news for the past few days on mistaken identity of Rakesh Jhunjhunwala buying the shares of the company. According to bulk deal data on the NSE, Rakesh Jhunjhunwala had picked up 2.565 lakh shares in the firm on June 9. But it was not the ace investor who bought those shares; rather his namesake had done the dealing.

Since then Surana Solar shares have fallen over 32 per cent in the last two trading sessions. The stock on Friday crashed 10 per cent. This week, the Surana Solar stock had touched a high of ₹64 and a low of ₹32.25 on the BSE.

“Shud SEBI investigate how this fake RJ bought Surana Solar — who lent him 2 buy this ‘gem’? This is his maiden pick — recently opened account,” tweeted Ambareesh Baliga, a market expert.

Published on June 12, 2015
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