Man Industries shares tumble nearly 11 pc

New Delhi, Sep 30 (PTI) Shares of Man Industries on Tuesday dived nearly 11 per cent after Sebi barred the firm and its three senior executives from accessing the securities markets for two years and imposed a fine of Rs 25 lakh on each of them for alleged financial misstatement.

Man Industries on Tuesday said the Sebi bar on the company and its senior executives from accessing the securities markets for two years carries no material impact on its current or future operations.

The stock tanked 10.60 per cent to settle at Rs 363.25 apiece on the BSE. During the day, it tumbled 16 per cent to Rs 340.90.

On the NSE, the stock dropped 10.24 per cent to Rs 365.05 each.

Capital market regulator Sebi had on Monday barred Man Industries (India) Ltd and its three senior executives - chairman Ramesh Mansukhani, executive director Nikhil Mansukhani, and CFO Ashok Gupta - from accessing the securities markets for two years.

"With a strong order book, improving margins, disciplined governance, and a robust capex pipeline, the company is well positioned to deliver sustainable growth and value for shareholders," the firm, which is a leading global manufacturer and exporter of large diameter carbon steel pipes, said in a statement.

Man Industries said the penalty "will have no impact on company's financial position".

Also, there was no restriction on the trading of the company's shares by investors.

The company has been "restrained from trading in shares of other companies for two years. This has no implication, as such activity is not part of our ordinary course of business," the statement said. "While complying with the order, the company reserves its right to pursue all legal remedies available under law." PTI SUM SUM SHW