Mumbai, Oct. 9 -- Shares J Kumar Infraprojects Ltd on Wednesday surged 20% after market regulator Securities Exchange Board of India (Sebi) cleared the company from charges of misrepresenting books of accounts.

The stock touched a high of Rs.154.35 on BSE and rose as much as 20%, its maximum gains since 18 December 2018. At 10.03 am, the stock traded at Rs.144.85 on BSE, up 13% from its previous close. So far this year, it has gained 9%.

"There are no reasonable grounds to believe misrepresentation of financials at J. Kumar Infraprojects, which had figured among 331 suspected shell companies", said Sebi in its 7 October order

In September last year, Sebi directed exchanges to appoint an independent auditor to conduct forensic audit of ...