Shares of a host of companies fell sharply by up to 20 per cent today after BSE decided to suspend trading in scrips of as many as 31 companies from Thursday.
Shares of CMI plummeted 19.99 per cent, Frontline Business Solutions tanked 19.98 per cent, Sphere Global Services nosedived (19.95 per cent), Diligent Industries slumped 15.31 per cent, Cupid (4.98 per cent), Tilak Finance (4.84 per cent) and Global Infratech (1.92 per cent) on BSE.
Most of these stocks also hit their lowest trading permissible limit for the day.
Continuing with efforts to curb manipulative activities on its platform, the BSE yesterday decided to suspend trading in shares of as many as 31 companies from Thursday.
The move came less than a month after the exchange had cautioned about substantial increase in manipulation/abrupt movement in the prices of securities wherein common modus operandi was found to be through preferential allotment route.
Among the firms facing suspension include Autopal Industries, Diligent Industries, Frontline Business Solutions, Global Infratech & Finance, Hindustan Wires, Ram Minerals and Chemicals, Unno Industries and Zyden Gentec.
BSE, in a circular, informed members that trading in the securities of these "companies shall be suspended with effect from Thursday March 31, 2016.
