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In stock market: The share price of Brightcom Group has seen a sharp drop in the past few days. Shares of the company fell 5 percent on Friday to Rs. closed at the level of 16.08. This was the 8th consecutive day when the company’s shares were in the lower circuit. Let us tell you that the main reason for the decline in the shares of Brightcom Group is the decision of SEBI.
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What is the reason for the decline in Brightcom shares? (Brightcom Group News)
Markets regulator Sebi has removed the company’s promoter, MD Suresh Kumar Reddy, CFO Narayan Raju from their posts till further orders. Apart from this, SEBI has banned veteran investor Shankar Sharma and 21 others from selling shares. As of the June 2023 quarter, Shankar Sharma held 2.30 crore Brightcom shares.
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Apart from this, SEBI has imposed a penalty of Rs 40 lakh on the promoters. According to reports, between April 2020 and August 2021, SEBI is looking into a case of violation of rules during purchase and sale of shares to the company. For this reason the market regulator had to take such a strict decision.
Shares are selling strongly (Brightcom Group Share Price)
Since August 17, 2023, the share price of Brightcom Group has been falling continuously. Investors are rushing to sell shares. Due to this news, the company has lost the confidence of a section of investors in the stock market. Now the situation is that from August 17 to September 1, 2023, the shares of the company have declined by 40 percent.