Entertainment firm Pyramid Saimira Theatre on Tuesday nosedived nearly ten per cent to hit the lower circuit on the Bombay Stock Exchange, a day after market regulator SEBI banned the entity from dealing in stock markets for seven years.
Shares of Pyramid Saimira plunged 9.86 per cent to hit the lower trading limit at Rs 19.65 on the BSE. At the National Stock Exchange also the scrip plunged 9.82 per cent to Rs 19.75.
During early morning trade a total of 5,289 shares of Pyramid Saimira changed hands on both the bourses.
On Monday, SEBI banned Pyramid Saimira Theatre from dealing in stock markets for seven years after it found that the company colluded with seven persons to corner the portion reserved for employees in its initial public offer in 2006.
As per SEBI investigations, seven persons had cornered 98.5 per cent of 4,22,200 shares in the 'employee category' in collusion with the company during the initial public offer of PSTL which hit the market in December 2006.
The seven persons are Kishore S Jain, Jayantilal R Jain, Sripal J Shah, Rajesh Prakashchandra Jain, Praveen Kumar Devi Chand Jain, Dheeraj Jain and Sanjay Jhabak.