Odisha Cement slumps 5% on reports of illegal transactions

The company has already reported the matter to National Securities Depository Limited, National Stock Exchange, and other appropriate authorities including SEBI.

Feb 28, 2019 12:02 IST India Infoline News Service

Shares of Odisha Cement, a flagship company of Dalmia Bharat, were trading 5% down on Thursday after the company informed about illegal transactions of certain mutual funds.

"Certain mutual fund units have been illegally transferred by the Depository Participant from the demat account held by the group’s subsidiaries, OCL India and Dalmia Cement East," the company said in a press note after market hours to the exchanges on Wednesday.
These units are worth ~Rs344cr, the company said.

The company has already reported the matter to National Securities Depository Limited, National Stock Exchange, and other appropriate authorities including SEBI. The investigation has already been initiated by SEBI, it stated.

"We understand that appropriate actions are being taken including keeping the transfer and redemption of the said units on hold. We have also filed a criminal complaint with the Economic Offences Wing, New Delhi," the company added.

Odisha Cement Ltd's share price is currently at Rs1,154.75, down by Rs56.35 or 4.65%, from its previous closing of Rs1,211.10 on the BSE.
The scrip opened at Rs1,171.90 and has touched a high and low of Rs1,209.90 and Rs1,141, respectively. So far, 22,32,890 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs23,341.23cr.

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