Man Industries Faces Market Ban but Stays Confident

Shares of Man Industries experienced a significant drop, falling nearly 11% following the Securities and Exchange Board of India (SEBI) decision to ban the company and three of its senior executives from the securities markets for two years due to alleged financial misstatements.

The company asserted on Tuesday that the imposed restrictions have no material impact on its current or future operations. Man Industries' stock ended the day down 10.60% at Rs 363.25 on BSE, after hitting a low of Rs 340.90 earlier in the session.

Despite the legal constraints, the company emphasized a strong order book and plans for sustainable growth. It assured that the penalties will not affect its financial position and that trading of its shares by investors remains unimpeded, while reserving the right to pursue any legal actions.

(With inputs from agencies.)