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Sebi halts trading in Bharat Global in rare such action
Mint Kolkata
|December 24, 2024
BGDL's share price surged 105x over the past year, rising from ₹16.14 in Nov 2023 to ₹1,702.95 in Nov 2024
The market regulator has suspended trading in Bharat Global Developers Ltd's (BGDL) shares until further notice over allegations of fraudulent activities and false disclosures in a rare such action.
The suspension, effective immediately, follows a probe that found significant irregularities in the company's financials and operations.
The Securities and Exchange Board of India (Sebi) had received a complaint on 16 December, alongside posts on social media, about BGDL's financial disclosures.
BSE-listed BGDL saw its share price skyrocket 105 times over the past year, from ₹16.14 in November 2023 to ₹1,702.95 by November 2024, raising concerns of potential market manipulation.
This story is from the December 24, 2024 edition of Mint Kolkata.
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