Following Sebi’s two-year ban on the real estate company, its chairman, the MD, and three other individuals from the securities market for falsifying the company’s financial statements, Omaxe’s shares fell five percent apiece on the bourses on Thursday. Omaxe shares fell 5% to trade at Rs 146.48 apiece, its lower circuit limit, on the National Stock Exchange (NSE), marking the second straight day of declines. It dropped 4.99 percent to Rs 144.60 per piece on the BSE, which is also its lower circuit limit.
Omaxe’s stock hit its lower circuit limitations on Wednesday after plunging over 5% on the BSE and NSE. An Omaxe representative responded by saying that the business has not yet formally received the SEBI order and that, following verification, it will consider taking necessary legal action.
The manipulation of financial facts pertaining to revenue, debtors, advances, and expenses from 2018 to 2021 is highlighted in the 126-page decision from SEBI. It also imposes a two-year ban on five additional people from assuming any managerial or directorial roles in publicly traded corporations and punishes other entities a total of Rs 47 lakh for engaging in fraudulent activity.
OMAXE Share Price Target 2025
It’s anticipated that by January 2025, OMAXE’s share price will be worth Rs. 211. We may witness the target price of Omaxe Ltd. reaching Rs 237 by December 2025 if the macro and microeconomic elements, as well as the industry trend, support it.
About Oxame
In India, Omaxe Limited is involved in the development of real estate and infrastructure. It creates and markets integrated and high-tech townships, office buildings, retail centers, condominiums, group housing developments, hotels, and flats. In June 2006, the business changed its name from Omaxe Construction Limited to Omaxe Limited. Omaxe Limited is a New Delhi, India-based company that was established in 1987. Guild Builders Private Limited’s subsidiary is Omaxe Limited.
