India, Sept. 15 -- The sharp increase in the share price of Bharat Global, an IT hardware and global trade company has raised suspicion about alleged stock price manipulation, fraud, false disclosures and preferential share allotments triggering a probe by stock market regulator SEBI. The price of the stock surged 105 fold from '16 in Nov 2023 to '1,702 by Nov 2024. For a long time prior to this meteoric rise trading was suspended for a long time due to non payment of listing fees.

SEBI's probe showed that the preferential allotment in March 2024 was made at an issue price of '10 per share while the company's closing price on the last day of trading before the allotment was '120.10 per share. The preferential allottees in Sebi's interim ...