The Securities and Exchange Board of India (SEBI) has said that it is has barred seven firms from trading in the equity markets after they were found to be violating IPO norms.

Most of eth firms facing a ban from the regulator were trading way below their listing price, which resulted in severe losses for the investors. Among the biggest losers, Taksheel Solutions is trading down 90 per cent from its issue price of Rs 150 while RDB Rasayans is trading 88 per cent below its issue price of Rs 79.

The companies were trading further below today after the move from the regulator. Taksheel fell 5 per cent on the Bombay Stock Exchange (BSE) after it was found that the IT solutions company had made several false statements in its offer document. The SEBI has directed to call back Rs 23 crore of inter-corporate deposits (ICD) placed by the company.

RDB Rasayans also fell 5 per cent on the stock exchange and was trading at Rs 8.8. SEBI found that the firm placed inter-corporate deposits (ICD) with related firms. Brooks Laboratories fell 9.5 per cent after it was charged of placing inter-corporate deposits (ICD) with related firms.

Tijaria Polypipes, which manufactures pre-lubricated various kinds of pipes, fell 5 per cent after being charged of misconduct from certain persons on listing day. Bhartiya Global, which is also facing charges of placing inter-corporate deposits (ICD) with related firms, fell 2 per cent on the BSE. PG Electroplast fell 17 per cent on the BSe after being charged of diverting predominant portion of IPO proceeds for operations in equities.