Gitanjali Gems, Amtek Auto locked in 5% lower circuit on trade suspension

Shares of Gitanjali Gems and Amtek Auto are locked in the lower circuit of 5% after the BSE and NSE announced the suspension of trading in shares of nine firms including these two from September 10, 2018. The suspension is for not complying with listing norms pertaining to submission of financial results.

Amtek Auto hit a multi-year low of Rs 6.52, down 5% on the BSE. A combined 203,804 equity shares changed hands on the counter and there were pending sell orders for around one million shares on the BSE and NSE.

Gitanjali Gems was trading 5% lower at Rs 2.88, close to its record low of Rs 2.75 touched on May 4, 2018. There were pending sell orders for 1.4 million shares on both the exchanges.

While both the exchanges will together suspend Gitanjali Gems, Amtek Auto, Easun Reyrolle and Panoramic Universal, the BSE will suspend Thambbi Modern Spinning Mills, Indo Pacific Projects, Haryana Financial Corporation, Noble Polymers and Samruddhi Realty as well.

“Trading in securities of the nine companies will be suspended w.e.f. September 10, 2018 (being 21 days from issue of this notice); on account of non-compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for two consecutive quarters i.e.,  December 2017 and March 2018,” BSE said on Friday in notice.

In case, any of the aforesaid companies comply (to the satisfaction of the Exchange) with all the provisions of SEBI Listing Regulations, 2015 including payment of fines on or before September 4, 2018; trading in securities of the said companies will not be suspended, it added.

The trading in the securities of the companies would be suspended w.e.f. September 4, 2018 and the suspension will continue till such time the Company complies including payment of fines. After 15 days suspension has been effected, trading in the shares of non-compliant companies would be allowed on Trade for Trade basis in Z group only on the first trading day of every week for six months, the BSE said.

The Z group includes companies which have failed to comply with its listing requirements and/or have failed to resolve investor complaints and/or have not made the required arrangements with the depositories -- CDSL and NSDL -- for dematerialisation of their securities.