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Man Industries Shares Tank 16% After Sebi Uncovers Fraud, Bans Executives

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Man Industries Shares Tank 16% After Sebi Uncovers Fraud, Bans Executives


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Man Industries shares fell 16 percent after Sebi banned the firm and three executives, including Ramesh Mansukhani, for two years.

Man Industries shares tank 16% on Tuesday.

Man Industries shares tank 16% on Tuesday.

Man Industries Share Price: Pipe manufacturing company Man Industries shares tanked 16 per cent on Tuesday following Sebi’s action to ban the firm and three of its senior executives from the securities market for two years, along with a Rs 25 lakh fine on each for alleged financial fraud.

Shares of Man Industries (India) were trading 11.73 per cent lower around 11:19 am at Rs 359 apiece, against the previous day close at Rs 406 apiece. The day’s low stood at Rs 340 apiece.

The order named Ramesh Mansukhani, Chairman of Man Industries; Nikhil Mansukhani, Executive Director; and Ashok Gupta, former Executive Director and current CFO, as the individuals penalised.

Sebi found that the company’s financial statements for FY 2015-16 to FY 2020-21 were “deliberately misstated.” The regulator said these misrepresentations, omissions, and concealments were part of a scheme that deprived investors of a true view of the company’s financial position.

The order noted that MIIL’s wholly-owned subsidiary, MSPL, was excluded from consolidation after FY 2014-15 without explanation. This, Sebi said, hid group-level losses and liabilities while artificially boosting MIIL’s reported profits.

“I conclude that the financial statements of MIIL for FY 2015-16 to FY 2020-21 were misrepresented, creating a false picture of profitability, liquidity, and group-level risks for investors. This constitutes a fraudulent and unfair practice by the noticees,” said Sebi Chief General Manager N Murugan.

By doing so, the company and its executives violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. In response, Sebi barred them from market participation for two years and levied fines.

The action follows a complaint alleging diversion of funds to subsidiaries and non-consolidation of results to conceal losses. Sebi subsequently conducted a forensic audit, appointing an auditor on November 22, 2021, to investigate MIIL’s accounts from FY 2014-15 to FY 2020-21.

In response, the company said, “the SEBI order pertains to legacy matters and carries no material impact on the company’s current or future operations. With a strong order book, improving margins, disciplined governance, and a robust capex pipeline, the company is well positioned to deliver sustainable growth and value for shareholders. We reaffirm our solid fundamentals, commitment to corporate governance, and focus on long-term value creation for all stakeholders.”

(With PTI Inputs)

Varun Yadav

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

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PM Kisan 21st Installment Live Updates: PM Modi To Release Rs 18,000 Crore To Nearly 9 Crore Farmers

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PM Kisan 21st Installment Live Updates: PM Modi To Release Rs 18,000 Crore To Nearly 9 Crore Farmers


PM Kisan 21st Installment Live Updates: The wait for the PM Kisan Samman Nidhi’s 21st installment is now going to be over today, after Prime Minister Narendra Modi is set to release the next tranche of Rs 2,000 shortly at an event in Coimbatore, Tamil Nadu.

“The prime minister will release the 21st installment of PM-KISAN on November 19, 2025, in Coimbatore, Tamil Nadu,” according to PM Kisan’s portal.

As per the government data, Rs 18,000 crore will be transferred to nearly 9 crore farmers nationwide. Combined with state schemes, many farmers are receiving additional income buffers ahead of the agri season.

“This instalment comes at a crucial moment: rising input costs, mandi price volatility, and liquidity gaps continue to challenge small and marginal farmers. A deeper lens on how direct benefit transfers are influencing farm decisions, post-harvest management, storage choices, and credit dependency could make for a compelling industry story,” said Amith Agarwal, co-founder and CEO of StarAgri Warehousing & Collateral Management.

PM Kisan: How To Check Beneficiary Status?

1. Visit the official PM Kisan portal: https://pmkisan.gov.in

2. On the homepage, under the ‘FARMERS CORNER’, click on ‘Beneficiary List’.

3. Enter your state, district, sub-district, block, and village.

4. Click ‘Get Report’ to view the list of beneficiaries in your village.



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Satya Nadella To Visit India From December 10–12; To Meet Top Leaders, Discuss AI Push

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Satya Nadella To Visit India From December 10–12; To Meet Top Leaders, Discuss AI Push


New Delhi: Microsoft Chairman and CEO Satya Nadella will begin a three-day visit to India on December 10.  

The India-born tech leader will travel to Delhi, Bengaluru, and Mumbai as part of his tour, during which he is expected to meet Prime Minister Narendra Modi, IT Minister Ashwini Vaishnaw, and other senior government officials.

Nadella will start his visit in Delhi on December 10, move to Bengaluru on December 11, and conclude in Mumbai on December 12. This will be one of his several visits to India in recent years as Microsoft continues to expand its presence and strengthen its position in the fast-growing cloud and AI services market.

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During his earlier visit in January this year, Nadella had announced a $3 billion investment to build cloud and AI infrastructure in India and to support skilling programmes. 

At that time, he said India was becoming a global leader in AI innovation and stressed that Microsoft wanted to help make the country “AI-first.” The company also said it would train 10 million more Indians in essential AI skills by 2030. 

Microsoft had already exceeded its 2025 target by training 2.4 million people within a year, with a majority of participants coming from Tier-II and Tier-III cities and 65 per cent of them being women.

Rival Google has also announced a major push in India, with a $15 billion investment to set up a state-of-the-art AI hub in Visakhapatnam.

The build-up to Nadella’s visit saw another important meeting on Tuesday, when Commerce and Industries Minister Piyush Goyal met Lisa Monaco, President of Microsoft Global Affairs. 

After the meeting, Goyal posted on X that the discussion focused on Microsoft’s continued engagement in India and its support for AI-led innovation and infrastructure development. 

He added that both sides also explored ways to strengthen the India–US partnership in AI, digital trade, and workforce skilling to ensure inclusive and sustainable growth.



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Buy or sell: Stock recommendation by brokers for November 19, 2025 – The Times of India

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Buy or sell: Stock recommendation by brokers for November 19, 2025 – The Times of India


Jefferies has initiated its coverage of WeWork India with a buy rating and a target price of Rs 790. Analysts said that the company is the largest flexible workspace operator by revenues in India. At about 17% compounded annual growth rate (CAGR), flexible workspace stock is growing at two times the pace of office stock, with room for further penetration. They said WeWork’s premium positioning helps command higher average revenue per member and margins than peers.Motilal Oswal Securities has initiated its coverage of PB Fintech with a neutral rating and a target price of Rs 2,000. Analysts expect PB Fintech to post a strong FY25-FY28 revenue, earnings before interest, taxes, depreciation, and amortisation (EBITDA) and profit after tax (PAT) CAGR of 35%, 156% and 56%, respectively, after factoring in a strengthening position in under-penetrated credit and insurance industries. However, they believe the stock is fairly valued, and all positives are priced in at current levels. Any possibility of commission restructuring by insurance companies due to the loss of input tax credit post GST exemption poses a key risk for the company’s top-line growth.Morgan Stanley has an overweight rating on Eternal (formerly Zomato) with the target price at Rs 427. They believe Eternal has the best risk-reward matrix and investors would use the current weakness to accumulate the stock. Like Eternal’s strategy of doubling down on customer market share as wallet share expansion can follow later. Theyassume a stress case of higher aggression could mean push out of profitability but this is not a game changer. They are assuming a stress case scenario where the stock would bottom out at Rs 280 – Rs 285.UBS has a buy rating on Max Healthcare Institute with the target price at Rs 1,550. Analysts expect the company’s brownfield capacity addition to drive growth and earnings. The management said that it recently commissioned a Mohali facility including an oncology facility. It’s also commissioning a facility at Nanavati hospital inMumbai.Also the construction activity at other new hospitals is progressing well. The management indicated that the issues related to cashless service for insurance patients has been resolved and mentioned there was no/only limited impact as patients shift from insurance to cash in such instances.Nomura has a neutral rating on Oil India with the target price at Rs 430. Analysts said the company’s July-Sept quarter was a soft one as volumes were impacted by external factors. The expansion work at Numaligarh Refinery was on track, with first crude intake expected next month and a meaningful volume uptick by the July-Sept quarter ofnext year. Analysts cut Oil India’s FY26 and FY27 profit estimates by 37% and 18%, respectively, to reflect: Lower gas sales volume, lower crude price realizations, higher depletion & depreciation expenses, and sharply higher exploratory write-offs and impairments.





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