Omaxe Shares Drop Amid SEBI Sanctions

Shares of Omaxe declined by 5% on various exchanges following SEBI's restriction on the company and its top executives. SEBI barred the firm from the securities market for two years citing financial misrepresentation. Omaxe plans to challenge the order once it receives it.

Shares of Omaxe dropped 5% on Thursday following SEBI's restrictions on the realty firm and its top executives, barring them from the securities market for two years due to financial misrepresentation.

Omaxe shares fell to Rs 146.48 on the NSE and Rs 144.60 on the BSE, its lower circuit limits. Over the past two days, the shares have declined by 10% on both exchanges.

Omaxe stated it will consider challenging SEBI's order once the company receives it, claiming the issue revolves around accounting interpretations. SEBI also fined 16 entities, including the firm and its executives, for acting in concert to execute fraudulent schemes.

(With inputs from agencies.)