Man Industries shares jumped around 4 percent on October 10 after Securities Appellate Tribunal (SAT) stayed an order passed by market regulator SEBI. The shares of the company closed at Rs 382.80 apiece.
In an exchange filing released on Friday, Man Industries said, "Securities Appellate Tribunal (SAT) has granted a stay on the said SEBI Order with immediate effect, and has directed to deposit 50% of the penalty amount." SAT has also stayed SEBI direction to debar three entities related to the company from accessing the securities market.
SEBI's September order:
Earlier in September, SEBI imposed Rs 25 lakh penalty on the company, along with Rs 25 lakh penalty each on Chairman & Director Ramesh Mansukhani, Managing Director Nikhil Mansukhani and former CFO Ashok Gupta. SEBI had also debarred the entities from accessing the securities market for a period of two years.
The regulator had found that the company failed to consolidate its unit, Merino Shelters, in its financials between fiscal years 2015 and 2021, misrepresented related-party transactions, and engaged in round-tripping of funds to mask its financial position.
The latest order by SAT puts a stay on the entire order passed by SEBI earlier.
Man Industries share price history:
Man Industries shares dropped more than 7 percent in the past one month, but gained nearly 42 percent in the past six months. The stock has risen nearly 17 percent in 2025 so far.
Its P/E ratio currently stands at over 17. After hitting a 52-week low of Rs 201.55 apiece in March this year, the stock more than doubled (132 percent) to hit a 52-week high of Rs 468 apiece in July. The shares of the company have now fallen around 18 percent since then.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
