MUMBAI, Oct 10: Shares of Polaris Financial Technology today slumped over 8 per cent after market regulator Sebi barred Arun Jain from the securities market for two years for insider trading in the company’s shares.
Following the move, shares of the company opened weak and as the trade progressed it tanked 8.47 per cent to Rs 122.65 on the BSE.
At NSE, the scrip plunged 8.6 per cent to Rs 122.65.
Sebi yesterday said it “restrains Arun Jain from accessing the securities market and further prohibit him from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner for a period of two years from the date of this order”.
After a probe into the dealings of shares during August- September 2000, Sebi said it found Jain, guilty of norms related to insider trading, as it charged him of trading in the stock on the basis of ‘unpublished price sensitive information’ relating to a proposed acquisition by the firm. (PTI)
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