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Lux Industries was locked in the 20 per cent lower circuit on Tuesday after market regulator, Securities and Exchange Board of India (SEBI), banned 14 entities for insider trading related to the company’s scrip, including its Executive Director Udit Todi.
Lux Industries closed at ₹2,808.45 on the BSE, down ₹701.90. The scrip was locked in the 20 per cent lower circuit after opening at ₹3,343.00, as against the previous close of ₹3,510.35.
SEBI, in an interim order on Monday, barred 14 entities under the SEBI (PIT) Regulations, 2015, for insider trading and ordered impounding the wrongful gains of ₹2.94 crore.
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‘No violation’
“We understand that this is an Ex Parte Interim Order which is passed pending investigation and the observations are prima facie. The company believes that there has been no violation and any infractions committed by the company in any manner. The company has initiated the process of seeking required clarification and explanation from the concerned person,” Lux Industries said in a media statement.
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Todi, in a letter to the company’s board members, denied the allegations brought against him.
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