Mastek stays flat after facing heat over delay in listing compliance

Shares of Mastek dropped 0.11 percent in early trade on November 23 after receiving notices from the exchanges for delayed compliance with listing regulations during the quarter ended September 2023. At 11:05am, the stock was trading at Rs 2,389.92 on the NSE.

In a filing with the exchanges on November 22, Mastek, an information technology company, informed that both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) have imposed a collective fine of Rs 11.68 lakh on the company.

Follow our live blog for all the market action

The penalty stems from Mastek’s failure to meet timely compliance with listing regulations, a matter brought to light during the quarter ended September 2023. The BSE and the NSE issued official notices to Mastek, citing lapses in adherence to listing regulations, prompting the exchanges to levy fines of Rs 5,84,000 each, plus applicable Goods and Services Tax (GST).

Check brokerage views, target price

Brokerage firm Sharekhan is bullish on Mastek, and it has recommended a ‘buy’ rating on the stock with a target price of Rs 2575 in an October 23 research report.

This regulatory action underscores the imperative for listed entities to adhere rigorously to compliance timelines, reinforcing transparency and accountability in the capital market.

Stock performance

The Mastek stock has given a return of 20.53 percent over the last six months. The benchmark Nifty50 index has given a return of 7.98 percent over the same duration.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.