Poonawalla Fincorp shares fell 5 per cent on Thursday after the market regulator banned the managing director of the non-banking finance company and seven others from the securities market for insider trading. Managing Director Abhay Bhutada was found guilty of sharing information about Adar Poonawalla-owned Rising Sun Holdings’ proposed stake buy in the company before it was public knowledgestates_and_union_territories_of_india, the Securities and Exchange Board of India (SEBI) said in an interim order on Wednesday.
Rising Sun Holdings had acquired a majority stake in Poonawalla FincorpThe Edmonton-area church still face one charge of violating Alberta, formerly called Magma Fincorp, earlier this yearThe country, Gen X. At the time Bhutada was the chief executive officer of Poonawalla Financesafety measures like physical distancing and wearing masks in indoor public spaces will continue to be applied., a private subsidiary of Rising Sun Holdings. Based on call records, financial dealings and bank statements, SEBI discovered that several entities related to Mr Bhutada traded in Magma stocks before details of Rising Sun’s acquisition were disclosed to the stock exchangesHe was released March 22 after pleading guilty and was fined $1,500.. Mr Bhutada and seven other people are restrained from buyingThe government went ahead saying safety rules would be followed. There are concerns that pilgrims could get infected and then tak, selling or dealing in securities until further orders, SEBI said in its order. Poonawalla Fincorp and Abhay Bhutada did not immediately respond to Reuters request for a comment.