SEBI bars Zenith Info founders from share mkt, stock tanks

Zenith Infotech fell 9 percent intraday to touch a new 52-week low of Rs 15 on Tuesday after the market regulator SEBI barred six of its promoters and entities from securities market with immediate effect for alleged violation SEBI regulations.

Promoters include Devita Rajkumar Saraf, Vijayrani Rajkumar Saraf, Zenith Technologies, Vu Technologies, Rajkumar Saraf and Akash Rajkumar Saraf.

The regulator also asked Zenith Infotech to pay USD 33.93 million (the amount of sale proceeds of Managed Services Busines division) as bank guarantee.

At 13:24 hours IST, shares dropped 8.5 percent to Rs 15.10 on Bombay Stock Exchange.

Market capitalisation of the company currently stands at Rs 19.15 crore.

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