Prakash Industries, J Kumar Infra tank 20% after trading resumes

STOCK MARKET - Prakash Industries and J Kumar Infraprojects have locked in lower circuit of 20% as trading resumes in these two stocks after a gap of three days.

J Kumar Infraprojects has slipped 20% to Rs 227, after hitting a high of Rs 230 on BSE in intra-day trade. A combined 191,195 equity shares changed hands and there were pending sell orders for 177,354 shares on BSE and NSE at 09:24 am.

Prakash Industries too plunged 20% to Rs 111, with no buyers seen on the counter. A combined 960,728 shares changed hands and there were pending sell orders for 1.02 million shares on both the exchanges.

The Securities Appellate Tribunal (SAT) on Thursday stayed restrictions imposed by the Securities and Exchange Board of India (Sebi) on shares of J Kumar Infraprojects and Prakash Industries.

Since Monday, trading has been halted in these two companies, along with 329 others, after they were moved to so-called Stage VI of graded surveillance measures - where trading is allowed only once a month - for being "suspected shell companies".

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