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Murli Ind, Welspun, Ackruti and Brushman India slip on SEBI order

By Kshitij Anand
December 3, 2010

MARKETS-SOUTHASIA-STOCKS/

Shares of Murli Industries, Ackruti City Ltd, Welspun Corp and Brushman India closed lower a day after SEBI (Securities and Exchange Board of India) said the firms had indulged in “fraudulent and unfair trade practices”.

SEBI on Thursday evening said the four firms had raised funds through a qualified institutional placement or foreign currency convertible bonds during 2007-2009 and the Dangi group was observed to be trading substantially in the shares of these firms around the same period.

It barred the founders and related entities of these four firms from trading n the stock exchanges.

Shares in Murli Industries ended 19.9 pct lower, Ackruti City slipped 20 percent, Welspun Corp dropped 26.8 percent and Brushman India ended 4.9 pct down.

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