Here's why this multibagger stock tanked 5% today

Shares of Brightcom Group Limited crashed 5 per cent and were locked in the lower circuit after Securities and Exchange Board of India (SEBI) ordered forensic audit regarding the impairment of assets in FY2019-20.   Interestingly, the stock has delivered over 1,700 per cent return in the last one year. In the last one year, the share price jumped from Rs 6.34 to Rs 113.10 mark - logging around 1,783 per cent return in this period.   Long-term investors have made big gains by investing in this stock as it has surged over 4,500 per cent in the last three years.   The stock ended 5 per cent lower at Rs 113.10 against the previous close of Rs 119.05. Market cap of the firm fell to Rs 11,780.87 crore on BSE. The shares stand higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.   "On September 16, 2021, approximately five months ago, we received a letter from the Securities & Exchange Board of India, dated September 16, 2021, wherein they appointed a forensic auditor, primarily concerning queries relating to Impairment of Assets in the FY 19-20 and the charge taken thereon. Impairment charge, a non-cash charge, was taken by the Company due to the Global Data Protection Regulation (GDPR) in Europe and its applicability worldwide," said Brightcom Group Limited.   "The company represented to SEBI that the said audit was unnecessary because several internet companies had to take such charges globally, owing to the GDPR norms," it added.   "However, SEBI on 25th February 2022 (Friday) intimated the company that this audit would be necessary. Accordingly, we are notifying the Exchanges," the company said.   In the December quarter, the firm reported a 168 per cent jump in net profit to Rs 371.45 crore against Rs 138.60 crore in the corresponding quarter of previous fiscal.   Net sales jumped 130 per cent to Rs 2,021 crore in the last quarter against Rs 878.55 crore in the December quarter of 2020. Operating profit rose 127.31 per cent to Rs 568.90 crore for the quarter ended December against Rs 250.27 crore in the corresponding quarter of the previous fiscal.   On a quarter-on-quarter basis, the firm reported a 75 per cent rise in net profit from Rs 212.15 crore in the September 2021 quarter. Net sales climbed 83.13 per cent from Rs 1,103 crore in Q2 of the current fiscal.   Brightcom Group is a global provider of comprehensive online or digital marketing services to direct marketers, brand advertisers, and marketing agencies.