Stock rallies over 10,000%: Sebi suspends trading in Bharat Global Developers | Business News
The Securities and Exchange Board of India (SEBI) on Monday suspended trading in stocks of Ahmedabad-based Bharat Global Developers Ltd (BGDL) after its stocks rallied over 10,000 per cent in a short period.
The market regulator took action on the company and 46 other individuals as it observed that the unexplained and unfettered price rise in its scrip was the result of wrong disclosures and misrepresented financials. The company is involved in the domains of green energy, engineering and infrastructure, aerospace and defense, and agriculture.
“The scrip saw a steep 105 times jump in its share price from Rs 16.14 in November 2023 to Rs 1,702.95 in November 2024 ,” Sebi said in its interim order. This shows a substantial surge of…
