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Poonawalla Fincorp Shares Tumble 5 % To Its Lower Circuit

The Securities and Exchange Board of India (Sebi) on Wednesday barred Bhutada and seven other entities from the securities market for insider trading in the shares of the company.

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Shares of Poonawalla Fincorp continued to decline on Friday and further tumbled 5 per cent to its lowest trading limit after its Managing Director Abhay Bhutada stepped down from the company following Sebi action.

The stock declined 5 per cent to its lower circuit of Rs 163.55 on the BSE.

At the NSE, it tumbled 4.97 per cent to Rs 163.35.

Shares of Poonawalla Fincorp tumbled 5 per cent on Thursday also.

Bhutada has resigned from the board with effect from September 16, 2021, Poonawalla Fincorp said in a statement on Thursday.

The board of directors of the company has accepted his resignation.

Poonawalla Fincorp Ltd Group CEO Vijay Deshwal will continue to run the operations of the firm, the statement added.

The Securities and Exchange Board of India (Sebi) on Wednesday barred Bhutada and seven other entities from the securities market for insider trading in the shares of the company.

The regulator also ordered impounding of wrongful gains worth over Rs 13 crore, through an interim order. In February 2021, Sebi''s system generated insider trading alerts related to the company''s shares. 

(PTI)


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