Shankar Sharma portfolio stock Brightcom Group hits lower circuit on 8th consecutive day
Brightcom Group share price was locked in its lower circuit as the stock opened at its 5 per cent lower price band of ₹16.08 on BSE on Friday. Shankar Sharma portfolio stock Brightcom Group has been hitting the lower circuit for the last eight consecutive sessions. On a monthly scale, the stock fell 20 per cent in July and 33 per cent in August.
On the first day of September today, the stock continued its losing streak, falling 5 per cent. The stock has been falling after market regulator Securities and Exchange Board of India (SEBI) issued an interim order raising concerns over the found lapses in the preferential issue of the company. SEBI has barred Suresh Kumar Reddy - the promoter-cum-chairman and managing director of Brightcom Group, along with chief financial officer Narayan Raju from holding directorial posts until further notice.
Read more: SEBI finds lapses in Brightcom's preferential issues of shares; top officials barred from holding directorial posts Besides, the capital market regulator barred ace investor Shankar Sharma and 21 other individuals from offloading their shareholding in the company. According to the shareholding pattern of Brightcom Group for the April to June 2023 quarter, Shankar Sharma held 2.30 crore company shares, which was 1.14 per cent of the total paid-up capital of the company. Hyderabad-based Brightcom had problems with the market regulator before too, including concerns over overstating profits in its financial documents.
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