Mumbai, July 4
Shares of Nuvama Wealth management plummeted over 10 per cent on Friday after the Securities and Exchange Board of India (SEBI) barred Jane Street, a US-based trading entity, from accessing the domestic equity market, asking them to deposit alleged illegal gains of Rs 4,843.5 crore in an account in favour of the market's regulator.
Nuvama Wealth Management is Jane Street's trading partner for Indian stock markets.
Around 12:45 p.m., Nuvama Wealth shares were trading at Rs 7,408.50, down 9.45 per cent on the National Stock Exchange (NSE) compared to the previous day's closing price.
The scrip started trading in negative territory at Rs 7,940.0, falling Rs 235 against the last session's closing price of 8,175.50 on the exchange.
Following the selling pressure after SEBI's action, the counter further nosedived to hit an intra-day low of Rs 7,280.50, a fall of over 10 per cent.
Meanwhile, its 52-week high and low values stood at Rs 8,508.50 and Rs 4,600.0, respectively.
The market regulator also banned three other entities related to the US trading firms from accessing the market.
It directed them to deposit gains of Rs 4,843.5 crore, which they have fetched following illegal option trading practices, to the markets regulator's account.