Shares of OCL India (Odisha Cement) plunged 10 per cent intraday on Thursday at ₹1,088 on the NSE after the company said there had been an illegal transfer of mutual fund units worth ₹344 crore by Depository Participant (DP). The stock, however, recovered to close at ₹1,153.20 on the NSE, down 4.9 per cent.

The company on Wednesday informed the exchanges that certain MF units, valued at approximately ₹344 crore, have been transferred illegally and unauthorisedly by the DP from the demat account held by its subsidiaries, OCL India and Dalmia Cement East. The company had already reported the matter to NSDL, NSE, and other appropriate authorities, including SEBI, it further said.

“The investigation has already been initiated by SEBI and we understand that appropriate actions are being taken, including keeping the transfer/redemption of the said units on hold,” the company said in the release. The company also filed a criminal complaint with the Economic Offence Wing, New Delhi. On Tuesday, SEBI has barred brokerage firm Allied Financial Services, its five directors, and four other entities from the securities markets for misappropriating clients’ securities and other violations against whom OCL had complained.

“In an interim order, SEBI has also barred these 10 individuals and entities from disposing of or alienating any assets, or create or invoke any charge on their assets, without prior permission,” it said. Besides, they have been asked to provide a full inventory of all their assets, including their bank and demat accounts and mutual fund investments within five days.

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