Bharat Global Developers Share Price: The stock market regulator Securities Exchange Board of India has banned the trading of shares of Bharat Global Developers Ltd, the biggest multibagger stock of the year 2024. SEBI (Securities and Exchange Board of India) has issued a notice against the company and 47 people and has banned all of them from doing any kind of deal in the shares of Bharat Global Developers Limited.
SEBI tightened its grip on Bharat Global
The stock market regulator has banned the promoters of the company from buying, selling or dealing in securities or accessing the capital market directly or indirectly until further orders. This order of SEBI has come into effect with immediate effect. In its order, SEBI has said that, on December 16, 2024, it had taken cognizance of social media posts and complaints regarding suspicious financials and disclosures of Bharat Global Developers Limited.
Shares soared 105 times in a year
SEBI itself told that in November 2023, the share of Bharat Global Developers was trading at Rs 16.14, it reached Rs 1702.95 in November 2024. SEBI started investigation against the company for violation of its laws. And now trading in the stock has been banned till further orders. The stock of Bharat Global Developers Limited was trading at Rs 16.14 in the month of November 2023, which reached Rs 1702.95 after a year on 28 November 2024, i.e. the share jumped 105 times. On December 20, 2024, the stock closed at Rs 1236.45 and the market capitalization of the company on that day was Rs 12,250 crore. The market cap of the company whose functioning is not known reached Rs 12,520 crore.
Order to complete investigation by March 31, 2025
Banks in which promoters have bank accounts or joint accounts will no longer be able to withdraw money from the account without SEBI’s order. All 47 people to whom SEBI has issued notice will have to give details of their movable and immovable assets to SEBI. Investments in any assets, including property, details of bank account, demat account details, investment in shares and mutual funds will have to be provided. SEBI has ordered to conclude the investigation against the company by March 31, 2025.
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