Brightcom Group shares fell nearly 4% to 15 rs on March 19. The decline comes in the wake of ongoing concerns and regulatory scrutiny surrounding the company’s operations.
At yesterday’s closing price, the stock has tumbled by nearly 58% from its one-year high of Rs 36.82, recorded on June 22, 2023. However, despite this significant drop, the counter has surged by 69.04% compared to its 52-week low of Rs 9.27, reached on April 28 last year when it was classified as a penny stock.
The company has faced several challenges, including delays in financial reporting, scheduling of annual general meetings (AGMs), and appointments at the C-suite level. Additionally, it has been under the Securities and Exchange Board of India’s (Sebi’s) radar due to issues related to the preferential issue of shares and warrants.
As of 11:24 pm the shares were trading 3.18% lower at₹15.20
During the last month, SEBI also declined to remove the securities market trade prohibition order against Suresh Kumar Reddy, the promoter of Brightcom Group. SEBI had banned 22 entities, including Reddy, from marketing Brightcom Group shares earlier. The market regulator has trimmed the restriction list to 18 entities, overturning the prohibition against some entities, such as market analyst Shankar Sharma, who held a 1.14 percent interest in the firm in December 2023.
