Mahadev betting app scam: 19 smallcap stocks crash up to 37% this month
Many of the stocks that are in the portfolios of the accused have given multibagger returns. Gensol Engineering, for example, which has given an eye-popping return of 800% in just 2 years, has lost one-third of its value since March 1.
«Zenith, a passive shareholder since September 2022, holds less than 1.5% in Gensol and holds neither decision-making rights nor any involvement in the business and operational strategies of the company,» Gensol said in a regulatory filing.
Tibrewala invested in the Indian stock market through entities such as Zenith Multitrading DMCC, Ability Games, Tano Investment Opportunities Fund, Brilliant Investments, Discovery Buildcon, Forest Vincom, Dreams Achievers Consultancy Services, Caterfield Global DMCC, Ecoteck General Trading, Sawarnbhumi Vanija Private, and Yudiz Solutions.
Gensol said any developments related to Zenith will have no impact on our growth trajectory or strategic vision. But the stock ended 5% in lower circuit on Thursday when most smallcaps rebounded.
Similarly, Cellecor Gadgets has fallen 37% this month, Toyam Sports 31% and Sigachi Industries 29%.
Hyderabad-based Sigachi also denied any connection whatsoever with Tano Investment Opportunities Fund and Caterfield Global DMCC.
«The company has no control and access to its shareholders and their business/private transactions. Sigachi reaffirms that its business operations across its five Production facilities, and subsidiaries are unaffected and the scheduled capex plans and commissioning schedules are not
