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Shares of adtech company Brightcom fell by 4.9 per cent on Thursday, a day after the Securities and Exchange Board of India (SEBI) slammed the Hyderabad-based company for serious accounting and listing norms violations.
The shares of the company opened at ₹16.51, and fell to ₹15.42, losing 81 paise over the previous close of ₹16.23.
The market regulator has barred the promoters and their family members from offloading shares for some time in a bid to protect the interests of retail investors.
In a 77-page interim order, the SEBI has said that promoters and top executives of the company resorted to violation of various norms, including the provisions of the Companies Act.
Issuing a show-cause notice to Brightcom Group’s Chairman and Managing Director Suresh Reddy and a few others, the Sebi asked why action should not be taken for the violation of the norms.
Giving it three weeks to respond, the Sebi allowed the company to object to the points raised by it.
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