A Shankar Sharma-backed company Brightcom Group Ltd. has been termed as the worst performer this year due to corporate governance issues. This comes a year after the company’s stocks surged by 2500% last year.
Shankar Sharma’s shares declined by 73% this year according to Bloomberg data. The shares of the company declined from 102.75 to 28 rupees. Shankar Sharma has a share of 2.50 crores of Brightcomm Group. Shankar Sharma is the vice-chairman and the joint managing director of First Global stockbroking.
Brightcom Group consolidates Ad-tech, New Media and IoT-based businesses across the globe, primarily in the digital eco-system. The company has a presence in 25 global locations. Brightcom group revenue saw an uptick of 53 in the second quarter this year.
The declining stocks in the company have seen Shankar Sharma losing 129 billion rupees, the majority of these losses are shared by the retail investors, who hold a significant portion of shares. Reportedly, the downward trend started after a market regulator’s concern regarding disclosure and financial transactions.
Shankar Sharma who has been the vice Chairman and Joint Managing Director of First Global for 33 years has completed his MBA from the Asian Institute of Management, Manila. Mr Sharma began his career at Citibank in its investment banking division in Mumbai. Shankar Sharma has also been a guest for several shows on finance for channels in India and abroad.
According to the LinkedIn profile of Shankar Sharma, First Global is a premier global securities house, with a presence in major markets like Asia, the UK, US.