Shares of Lux Industries slipped another 11 percent to Rs 2,501 on Thursday’s intra-day trade, plunging 29 percent in the last two straight trading sessions after the market regulator Securities and Exchange Board of India (Sebi) barred 14 entities for insider trading in its scrip. The stock of Kolkata-based hosiery maker quoted lower for the sixth straight day and has tanked 35 percent during the period.

Those barred included Udit Todi, the company’s executive director and son of the MD. Sebi’s initial findings revealed that Todi passed price-sensitive information pertaining to the financial results of the company, the Business Standard reported.
On Sebi order, Lux Industries said that the company understands that this is an Ex Parte Interim Order which is passed pending investigation and the observations are prima facie.

The company believes that there has been no violation and any infractions committed by the company in any manner. The company has initiated the process of seeking required clarification and explanation from the concerned person, Lux Industries said in a media statement.

The company further said it takes all compliances issues seriously and have already started the process to examine and review the Code of Conduct for prevention of Insider Trading and the terms of employment as advised by SEBI in the order. The company also remains committed to assisting and extending its support to SEBI in the matter, it added.

At 10:12 am; Lux Industries erased most of its losses and was down 2 percent at Rs 2,760.45 on the BSE. The stock hit an intra-day high of Rs 2,777. In comparison, the S&P BSE Sensex was down 1.5 percent at 56,987.

Despite the past six days' decline, the stock has rallied 70 percent in the past year, as compared to a 20 percent rise in the S&P BSE Sensex.