MUMBAI
Man Industries’ share price plunged nearly 13% on Tuesday following the Securities and Exchange Board of India’s (SEBI) order on a long-pending compliance matter. The regulator imposed a penalty of ₹25 lakh and barred the company from trading in shares of other firms for two years, according to the SEBI order dated September 29.
In a regulatory filing on September 30, Man Industries clarified that the case relates to non-consolidation of its subsidiary Merino Shelters and minor compliance lapses between FY15 and FY21. The company stressed that the order will not affect its financial position or core operations, and there are no restrictions on investors trading in its shares. It further stated that the order pertains only to legacy matters, with no impact on current or future operations. Financial statements have been fully consolidated since FY23-FY24, aligning with regulatory requirements.
Alongside the SEBI update, the company highlighted a robust business outlook. It reported a record order book of ₹4,700 crore, with improved margins across projects. Man Industries has monetised MSPL’s assets, generating ₹70 crore so far, with an additional ₹650–700 crore expected over the next five to six years. The company said all new capital expenditure projects are progressing on schedule, with completion targeted by the fourth quarter of FY26. Man Industries also emphasized strengthened corporate governance, noting no compliance lapses in the past four years. The company affirmed that it will comply with the SEBI order while reserving the right to pursue all legal remedies available under law.