Poonawalla Fincorp at 5% LC

about 1 month ago
No Image

Poonawalla Fincorp, which had closed yesterday at Rs.181.20, opened itself today at its 5% LC of the day at Rs.172.15.

While the TIME magazine named Adar Poonawalla and Modi among the 100 most influential people on earth currently, the news here in India was not good.

The stock was locked on the 5% LC after SEBI passed a restraining order against 8 individuals at Poonawalla Fincorp - formerly known as Magma Fincorp, including the MD, Abhay Bhutada from participating in securities markets over alleged insider trading in the company’s shares in February.

SEBI’s surveillance alert system detected suspicious trading patterns in the shares of Magma Fincorp ahead of the acquisition of a controlling stake by Adar Poonawalla-led Rising Sun Holding (RSHPL) in February 2021.

To track this insider trading, SEBI deployed sophisticated data analytical tools, which helped detect abnormal and suspicious trading patterns.

Popular Comments