Shares of Parsvnath Developers tumbled 9.81 per cent to Rs 21.15 — its lower circuit limit — on the BSE. Investment in Indian developers Parsvnath Developers , Pincon Spirit , Signet and others have dropped by up to 50 % after a crackdown on shell companies . The Indian Appellate Tribunal recently upheld trading restrictions on the companies , which featured on a list of 331 " illegal shell companies " referred by the Indian government to the Securities and Exchange Board of India .
Investment in Indian developers Parsvnath Developers , Pincon Spirit , Signet and others have dropped by up to 50 % after a crackdown on shell companies . The Indian Appellate Tribunal recently upheld trading restrictions on the companies , which featured on a list of 331 " illegal shell companies " referred by the Indian government to the Securities and Exchange Board of India .