Reacting to the latest notice by the market regulator, the share price of PC Jeweller fell 7.14% to the day’s low of 24.05 today, with 3.98 lakh and 40 lakh shares trading on BSE an NSE
Shares of PC Jeweller fell in early trade of Wednesday after market regulator SEBI served notice to two promoters and related entities of the firm for violating insider trading rules and imposed a fine of over Rs 8 crore.
Reacting to the latest notice by the market regulator, the share price of PC Jeweller fell 7.14% to the day’s low of 24.05 today, with 3.98 lakh and 40 lakh shares trading on BSE an NSE. On Wednesday, shares of PC Jeweller ended at Rs 25.90, down 6.33% on the BSE. Overall, the stock has fallen 10.67% in the two sessions of fall.
Although the shares have risen 15% in the last week, the stock price has deteriorated 22% in one month and over 71% year-to-date.
As per the order, the sum of Rs 6.17 crore has to be paid “jointly and severally” by Shivani Gupta, Sachin Gupta and Amit Garg, while Rs 2.13 crore fine has been impounded jointly and severally on Quick Developers Pvt Ltd and Amit Garg.
A sum of Rs 6,17,60,184.13 shall be impounded jointly and severally, from Shivani Gupta, Sachin Gupta and Amit Garg, being the notional loss avoided on account of trades carried out in the trading accounts of Shivani Gupta, and a sum of Rs 2,13,23,161.64 shall be impounded jointly and severally, from Quick Developers Pvt. Limited and Amit Garg, being the notional loss avoided/gains made on account of trades carried out in the trading account of Quick Developers Pvt. Limited,” read the order.
Further, the market regulator also served notice to PC Jeweller MD Balram Garg which read, “In light of the alleged violations by Balram Garg, this order shall be treated as a notice calling upon him to show cause as to why direction shall not be passed against him to restrain him from accessing the securities market and prohibiting him from buying, selling or otherwise dealing in securities for an appropriate period”.
The SEBI order further added, “They are directed to provide, within 7 days of this Order, a full inventory of all their assets and properties and details of all their bank accounts, Demat accounts and holdings of shares/securities, if held in physical form and details of companies in which they hold substantial or controlling interest.”
SEBI had conducted an investigation in PC Jeweller stock to ascertain whether the suspected entities had traded in the scrip of the jewellery firm during the period April 2 to July 31, 2018, on the basis of unpublished price sensitive information, in violation of SEBI’s Insider Trading Regulations Act, 1992.
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