Mishtann Foods shares down by 10% as Sebi ban triggers extended selloff
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The shares of Mishtann Foods have gone down by nearly 10% to day’s low of Rs 8.95 on BSE after Sebi barred five entities, including the company, its promoter and CMD Hiteshkumar Gaurishankar Patel from the securities market till further orders for alleged financial mismanagement, fraudulent transactions, and corporate governance lapses. Sebi said Mishtann Foods engaged in circular trading with fictitious buyers and suppliers, many of which were shell entities controlled by the company’s directors and their associates. “These transactions inflated the company’s financial performance on paper, misleading investors and regulators," Sebi said in its order. Sebi's investigation revealed that the company engaged in circular trading with fictitious buyers and suppliers, many of whom were shell entities controlled by its directors and associates. These actions reportedly inflated Mishtann Foods’ financial performance, misleading investor...