Man Industries Shares Plunge 10.73% After SEBI Imposes Penalty and Two-Year Market Ban on Top Executives

Mumbai, September 30, 2025: Man Industries (India) Limited shares (NSE: MANINDS, BSE: 513269) took sharp decline in its shares on Tuesday when it fell by 10.73% to ₹363 at 11:41 AM IST due to a penalty and restriction order passed against the company and its senior officials by the Securities and Exchange Board of India (SEBI).

Man Industries (India) Limited, incorporated in 1988 and listed on the stock exchange since June 24, 2005, is a leading manufacturer of L-SAW and H-SAW line pipes, catering to the oil, gas, petrochemical, and water sectors. The company operates plants in Anjar, Gujarat, and Pithampur, Madhya Pradesh, with a significant global presence in the steel pipes and coatings industry.

SEBI Order Details

Proceedings of SEBI concerning legacy issues of FY 2015–2021 were concluded with its order dated September 29, 2025. It identified non-consolidation of financial statements with Merino Shelters Private Limited (MSPL) and procedural lapses as the most evident violations. The order imposes:

• ₹25 lakh penalty on the firm
• ₹25 lakh fine each on Chairman & Director Ramesh Mansukhani, Managing Director Nikhil Mansukhani & former CFO Ashok Gupta
• A two-year restriction on access to the three executives and the company to the securities market

Market Reaction

Man Industries (India) Limited was trading at ₹363.05 on September 30, 2025, 11:41 AM IST, which is a fall of 10.73%. Man Industries (India) Ltd shares opened at ₹356.20 and registered an intraday high of ₹385.00 and a day’s low of ₹340.00. The company has a market cap of ₹2,720 crore, and a P/E of 15.16. Man Industries (India) Limited’s 52-week high is ₹468.00, and its 52-week low is ₹201.55.

Company Response

In its filing to that effect, Man Industries indicated that the penalty remained “minimal in nature compared to the size and nature of the business of the company” and would have no impact on its core business. Man Industries indicated that it has a healthy order book of more than ₹4,700 crore and is fully functioning.

The management also explained that as the company does no business of securities dealing, its restriction from accessing capital markets has no effect on day-to-day business. The company also confirmed it is reviewing the order and may pursue legal remedies.

REF: https://nsearchives.nseindia.com/corporate/MANINDS_30092025090349_MIIL_SEBI_Order_30092025.pdf

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