Top stock exchanges BSE and NSE have allowed brokers to release the payouts relating to certain trades in shares of Surana Solar which were earlier withheld pending an investigation.
The payouts have been released following the latest direction from the markets regulator Sebi, which had earlier asked the exchanges to withhold the payouts.
On June 12, the two exchanges had directed their respective members to stop these payouts for trades conducted on June 10 and June 11, following a direction from Sebi.
On those two trading days, the stock had fallen over 32 per cent following reports that the person having bought shares worth Rs 2.56 lakh in the company on June 9 was not the ace investor Rakesh Jhunjhunwala, although his name was same.
"...The withheld payouts of funds and securities in respect of Surana Solar shall be released to concerned members today," NSE said in a circular today. A similar circular has been issued by the BSE also.
According to exchange data, Jhunjhunwala had bought shares worth Rs 2.56 lakh in Surana at an average price of Rs 53.74 in a bulk deal on NSE on June 9. But later, it transpired that the deal was not clinched by him but his namesake, which triggered the sell-off at the counter.
As the news went viral, investors dumped it on Wednesday and the sell-off continued today as well.
Surana Solar, formerly known as Surana Ventures, makes solar energy systems with focus on solar photovoltaic modules.
