Elitecon International jumped 11% on Monday, hitting a day high of Rs 19.85, even as the broader market slid on US-Iran war worries.

The move came after Elitecon told exchanges about progress on its ongoing banking troubles tied to a SEBI order.

In the filing, the company disclosed that SEBI had clarified the matter to the banks concerned on 16 July, at Elitecon’s request.

Kotak Mahindra Bank has since informed the company it is removing the lien on its account there. One less roadblock, at least, in the push to get banking back to normal. Some background helps here.

SEBI had passed an interim order back on 30 March against Elitecon, its promoter and a few other individuals, restricting debits from their bank accounts.

The regulator’s findings so far are only prima facie, the investigation is still on, and no final call has been made yet.

Elitecon has disputed the allegations and says it is contesting the matter through the proper regulatory channels while still following the directions issued.

The company had also written to SEBI on 10 July asking for some operational relief, given how badly the account restrictions hit routine business during the June quarter.

Looking ahead, the firm said its focus now is on restoring banking access, clearing pending vendor and employee dues, firming up its workforce, and finishing FY26 financial reporting.

It also plans to look at new business opportunities once things stabilise, alongside tightening its governance and compliance setup. The stock’s longer trend remains rough despite the bounce.

Elitecon has fallen 32% in a month, 58% over three months and 85% over the past year, so this rally is a small recovery against a much bigger decline.

At 11:31 am, it’s trading at Rs 19.13 on the BSE, up by 7.05% for the day. That marks a pullback from the day’s high, though the stock remains firmly in the green.

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