Shares of Brightcom Group have corrected over 86% from its 52-week high of Rs 93.25, hit on April 20, 2022
Incorporated in 2000, Hyderabad-headquartered Brightcom Group is in the business of ad-tech, new media and digital advertising with offices in the US, Argentina, Brazil, Chile, Uruguay, Mexico, UK, France, Germany, Sweden, Ukraine, Serbia, Israel, China, and Australia
Brightcom stock took a beating after the Securities and Exchange Board of India issued a show-cause notice-cum-interim order against the company and its directors, alleging major fraud in the company’s financial statements
Sebi said that Brightcom overstated its profits for FY20 to the tune of Rs 868 crore by understating expenditures by using irregular accounting practices
Brightcom Group said that it is taking legal advice with respect to the overall matter and will respond to the Show Cause Notice
The stock has delivered over 240% return in the past two years and over 450% return in the last 5 years
Shares of Brightcom Group hit a 52-week high of Rs 93.25 on April 20, 2022, and a 52-week low of Rs 11.98 on March 31, 2023
Shares of Brightcom Group ended 5% lower at Rs 12.05 on BSE. Market cap of the firm fell to Rs 2,432 crore
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