Shares of Manappuram Finance in intra-day trade on Friday fell as much as 10% after SEBI alleges the NBFC company for insider trading.
As per a report in the leading business daily, 5 of the AMCs including SBI Fund Management, ING Mutual Fund (now Birla Sunlife), BNP Paribas, Ambit Capital and Manappuram were issued a show cause notice by the market watchdog for using price-sensitive information for trading in Manappuram Finance stock in March 2013.
"During 2013, in two trading days, between March 19 and March 20, the stock of Manappuram Finance tanked 31 per cent after the company shared information about large loan losses with analyst of Ambit Capital," the report said.
So far in the calendar year 2019, the scrip of Manappuram has rallied 48% and the stock hit an all-time high of Rs. 142 on June 6.
At 12:33 pm, the stock was quoting down by 3.74% at Rs. 132.50, after hitting an intra-day low of Rs. 123.90 on the BSE.