SEBI Suspends Trading in Bharat Global Developers Following 10,000% Stock Surge
A mail sent to Bharat Global Developers by Sebi seeking comment did not elicit any response The Securities and Exchange Board of India ( SEBI ) has suspended trading in the shares of Ahmedabad-based Bharat Global Developers Ltd (BGDL) after an unprecedented 10,000% surge in its stock price over the past year. The market regulator’s action comes amid allegations of misleading disclosures and manipulated financial statements. Unexplained Stock Surge BGDL’s share price skyrocketed from ₹16.14 in November 2023 to ₹1,702.95 by November 2024, a staggering 10,451% increase. SEBI's interim order attributed this steep rise to questionable practices, including manipulated disclosures and suspicious preferential allotments. Shift in Shareholding Pattern Initially, BGDL had five promoters holding 16.77% of its shares as of June 2020. However, by September 2020, the company disclosed 100% public shareholding, with no promoter holdings. A significant management overhaul in December 2023 was fo...