SEBI has confirmed the suspension of LS Industries, its promoter Profound Finance, and four individuals from securities market participation amid an ongoing fraud probe.

The investigation targets alleged price manipulation and a scheme to artificially inflate the share price, which soared from Rs 22.50 to Rs 267.50, boosting market valuation to Rs 22,700 crore despite the company reporting almost no revenue for three straight years (FY22-FY24). SEBI has also ordered the recovery of Rs 1.14 crore in illegal gains from the promoter.

The probe deadline is extended, with full cooperation expected from all parties.