India, Feb. 11 -- Market regulator SEBI has banned textile company LS Industries and five other entities from the stock market until further orders after it uncovered bizarre movements in the company's stock price. It also found that a former company director sold his entire shareholding worth hundreds of crores for just $1.

In a notice issued on February 11, the SEBI noted that the shares of LS Industries, an Ahmedabad-based company incorporated in 1993 and listed on BSE since 1994, showcased "absurdities and anomalies".

Over a two-month period between July 23 and September 27 last year, LS Industries shares rose from Rs.22.50 to a high of Rs.267.50, an increase of 1,089%. SEBI said that the company's shares then began falling and touc...