After suffering severe value erosion, this small-cap stock has doubled investors' wealth in just one month!
During the period from January to April 2023, shares of the company plunged by nearly 70 per cent as a result of unfavorable news.
Brightcom Group Ltd was among the top trending stocks on the bourses, with shares consistently experiencing substantial buying interest and hitting back-to-back upper circuits as a result. In just one month, shares have skyrocketed more than 100 per cent, doubling investors' wealth!
However, an investor shouldn't ignore the stock's historical developments. The Securities and Exchange Board of India (SEBI) demanded a forensic audit of the company’s financial statements for the financial years 2014-15 to 2019-20. According to the market regulator, it discovered inconsistencies in Brightcom Group’s disclosures that could be harmful to investors’ interests and the securities markets. SEBI also issued a show-cause notice-cum-interim order against the company, alleging significant financial statement fraud.
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Due to heavy selling pressure, shares of the company started to hit back-to-back lower circuits and continued to hit 52-week lows on a regular basis. During the period from January to April 2023, shares plunged nearly 70 per cent.
The company offers online or digital marketing services to direct marketers, brand advertisers and marketing agencies worldwide. Due to its well-known global footprint, Brightcom Group is able to assist partners in their attempts to capitalise on and prosper from the current global trends. The company’s leading blue chip clients include Airtel, British Airways, Coca-Cola, Hyundai Motors, ICICI Bank, Titan and Maruti Suzuki.
Keep a close eye on this stock for the upcoming sessions!