India, Dec. 1 -- Shares of DroneAcharya Aerial Innovations slumped 20% to hit the lower circuit at INR 45.38 on the BSE after the Securities and Exchange Board of India (SEBI) barred the company, its promoters, and several associated advisers from the securities market for up to two years.

The action followed an investigation that revealed alleged misuse of IPO proceeds, inflated financials and misleading corporate disclosures aimed at propping up the company's share price.

Founders Prateek and Nikita Srivastava, along with several associated advisors, were fined INR 75 Lakh and directed to submit complete bank statements, financial records and all agreements linked to the transactions flagged by SEBI.

Following today's decline, Dronea...