SEBI moves 331 stocks to stage VI of GSM
DSIJ Intelligence / 08 Aug 2017
Market has been witnessing strong selling pressure. Realty stocks are also facing the weakness. Nifty Realty index is top loser among the sectoral indices on NSE.
Market regulator, Securities and Exchange Board of India (SEBI) has moved 331 stocks to stage VI of Graded Surveillance Measure (GSM) under which trading in these identified securities shall be permitted only once a month under trade to trade category. Out of these 331 stocks, 162 are listed entities.
Market has been witnessing strong selling pressure. Realty stocks are also facing the weakness. Nifty Realty index is top loser among the sectoral indices on NSE. HDIL is top loser in Nifty Realty index. The stock was trading at Rs 59.6 per share, down by Rs 9.65 per share or 13.94%.
Under the Insolvency and Bankruptcy Code 2016, the National Company Law Tribunal (NCLT) has recently admitted an application from Union Bank of India for HDIL’s wholly-owned subsidiary company, Guruashish Constructions Private Limited, and appointed an insolvency resolution professional.
The company will file an apt reply and will take appropriate measures as and where required in the proceedings with the tribunal and appellate authorities.
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