The ad-tech firm’s stock has declined more than 70% in 2022, making it the worst performer on S&P BSE 500 Index, data compiled by Bloomberg shows. The slump started after a market regulator raised concerns that some of the company’s disclosures and financial transactions have been “detrimental” to investors.
The beating in the company’s shares has wiped away 129 billion rupees ($1.6 billion) in market value, especially hurting retail investors, who own a majority of the firm. The Securities and Exchange Board of India last year appointed Deloitte Touche Tohmatsu India LLP, to conduct a forensic audit of Brightcom’s financials.
No analysts track the company’s stock, despite the meteoric rise which pushed its valuation above $2.5 billion a year ago.
With assistance from Ragini Saxena, Anto Antony and Preeti Singh.
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