India's Lyka Labs surges as regulator allows access to capital market

Lyka Labs

29/11/2022 09:40

** Shares of Indian bulk drugs manufacturer Lyka Labs
 LYKA.NS  rise as much as 7.6% to 152.95 rupees, their highest
level since Sept 12
    ** Stock posts its biggest intraday pct gain since Nov 25
    ** Co said India market regulator's Appellate Tribunal cut
short a ban on the company, allowing it to access the capital
market and deal in securities
    ** SEBI had in June 2020 barred LYKA from the capital market
for three years for engaging in fraudulent arrangement to
facilitate financing of subscription to its Global Depository
Receipts issue
    ** Tribunal passed the order on Nov 23, stock up in every
session since then, gaining 16% up to last close  
    ** More than 547,505 shares change hands by 0232 IST, 4.6x
30-day avg of 118,755 shares
    ** Stock down 36.1% YTD, up to last close
 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))