Mumbai: Shares of Man Industries (India) Ltd nosedived over 16 per cent in morning trade on Tuesday after the Securities and Exchange Board of India (SEBI) barred the company and three of its senior executives from accessing the securities market for two years.

The regulator also imposed a penalty of Rs 25 lakh each on the executives for alleged misrepresentation of financial statements.

Those penalised include Chairman Ramesh Mansukhani, Executive Director Nikhil Mansukhani, and former Executive Director and current CFO Ashok Gupta, according to SEBI’s order.

The market watchdog said the company’s financials from FY16 to FY21 were “deliberately misstated”, depriving investors of a fair picture of its performance.

SEBI observed that Man Structural Pvt. Ltd. (MSPL), a wholly-owned subs

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