Blog by Tickertape
In Current Events Trends

Sintex: BSE and NSE Suspend Trading in the Stock

2 Mins Read
sintex

Last Updated on Mar 22, 2022 by Aradhana Gotur

On Monday, textile-manufacturer Sintex closed at Rs 7.82, down 4.98% against the previous day’s closing of Rs 8.23 on BSE. The major stock exchanges BSE and NSE have suspended trading in the debt-ridden Sintex from today, 22 March 2022.

The textile manufacturer’s lenders have approved the joint bid of ACRE and RIL to acquire Sintex Industries under the insolvency resolution process. Additionally, the resolution plan also proposes to delist the company.

Sintex announced that “As per Resolution Plan of Reliance Industries Limited (RIL) jointly with Assets Care & Reconstruction Enterprise Limited (ACRE) it is proposed that existing share capital of the company shall be reduced to Zero and the company will be delisted from the stock exchanges, i.e. BSE and NSE.”


Insolvency proceeding against the textile manufacturer was initiated in April 2021. About Rs 7,500 cr.-worth claims have been admitted against the company.

Caution investors

Despite the likeliness of losing their entire capital as per the resolution plan, some investors continue to buy stocks of Sintex Industries. Investors should beware that stock trading at its 52-week or all-time lows should not be the sole reason to buy it. Doing a fundamental analysis of a company before buying into it reveals such adverse pointers that indicate the feasibility of investing in stocks.

Aradhana Gotur
Latest posts by Aradhana Gotur (see all)

Related Posts

Subscribe
Notify of
guest
3 Comments
Inline Feedbacks
View all comments
Tickertape users can easily identify red flags in their portfolio
Download App
Tickertape users can easily identify red flags in their portfolio
Download App

The blog posts/articles on our platform are purely the author’s personal opinion and do not necessarily represent the views of Anchorage Technologies Private Limited (ATPL) or any of its associates. The content in these posts/articles is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, please consult a professional financial or tax advisor. The content on our platform may include opinions, analysis, or commentary, which are subject to change, without notice, based on market conditions or other factors. Further, the use of any third-party websites or services linked on the website is at the user's discretion and risk. ATPL is not responsible for the content, accuracy, or security of external sites. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The examples and/or securities quoted (if any) are for illustration only and are not recommendatory. Any reliance you place on such information is strictly at your own risk. In no event will ATPL be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

By accessing this platform and its blog section, you acknowledge and agree to the Terms and Conditions of this website, Privacy Policy and Disclaimer.