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SEBI bans Rana Sugars promoters for fund diversion; falls 10%
short by / on Wednesday, 28 August, 2024
Rana Sugars share falls 10% to ₹21 per share after SEBI imposed two-year ban on its promoters and officials and ₹63 crore fine for fund diversion and financial misstatements. The investigation uncovered misuse of funds through intermediaries. SEBI also directed the company to recover ₹607 crore from related entities, including ₹339 crore in receivables and ₹268 crore in interest dues.
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