Brightcom Group slides nearly 7% after Sebi continues ban on promoter Suresh Reddy
In a confirmatory order on Wednesday, Sebi said that its restriction imposed on Reddy would continue in a case regarding irregularities in preferential allotments of shares made by the company.
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Brightcom Group Share Price: Brightcom Group shares slipped nearly seven per cent on BSE on Thursday (February 29, 2024) after Sebi continued its ban on the company's promoter, Suresh Kumar Reddy.
The stock of Brightcom Group was trading lower by 5.01 per cent, or Rs 0.88 per cent, at Rs 16.68 at 10:47 am on Thursday.
The stock closed trading at Rs 17.56 on Wednesday and opened at Rs 17.44 on Thursday. The stock fell sharply to the day's low of Rs 16.36, a 6.83 per cent fall.
What is SEBI's confirmatory order?
In a confirmatory order released by Sebi on Wednesday, the regulator said that its restriction imposed on Reddy would continue in a case regarding irregularities in preferential allotments of shares made by the company.
In its order, Sebi said, "Besides, he would continue to be restrained from holding the position of a director or a Key Managerial Personnel in any listed company or its subsidiaries."
(With inputs from agencies)
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