Poonawalla Fincorp shares tumble 5 pc after Sebi's action

Shares of Poonawalla Fincorp tumbled 5 per cent on Thursday after Sebi barred its Managing Director Abhay Bhutada and seven other entities from the securities market for alleged insider trading activities.

The stock declined 4.99 per cent to close at its lower circuit of Rs 172.15 on the BSE.

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On the NSE, it dipped 4.98 per cent to Rs 171.90.

Sebi on Wednesday barred Poonawalla Fincorp Managing Director Abhay Bhutada and seven other entities from the securities market for alleged insider trading activities in the shares of the company, which was earlier known as Magma Fincorp.

Besides, the regulator has ordered impounding of wrongful gains worth over Rs 13 crore, according to an interim order.

In February 2021, the watchdog's system-generated insider trading alerts related to the company's shares.