Cutting a long story short, most of the stocks like Mahindra & Mahindra (M&M), ICICI Bank, Dr. Reddy’s Laboratories and Pidilite Industries stayed on green despite the allegations made by Congress about their connection with the Agora Advisory Private Limited. Congress alleged that while holding chairmanship at SEBI, Madhabi Puri Buch received Rs 2. 95 crore from Agora Advisory which ignited conflict interest issues. Agora Advisory is owned by Buch and her husband; Dhaval Buch. The allegations relate to the payments which were made during Buch’s term as SEBI Whole Time Member and then the Chairperson.
M&M scrip after starting lower at 1. 23% came back and were moving at the day’s low at Rs 2,708. 75 on the BSE. Congress said that out of the 2. 95 crore Rupees which Agora Advisory got, 2. 59 crore Rupees were from Mahindra Group which was 88% of the total. ”
ICICI Bank: The stock prices of the company declined by 0. 13% in the previous month Dr Reddy’s: The stock price was up by 0. 49 %in the previous month while Pidilite fell by 0. 4% in the previous. Congress also said that Dhaval Buch personally made Rs 4. 78 crore received from the Mahindra Group.
Nevertheless, the other stock exchange preserved the trend toward the growth of stock quotes on the whole. Meanwhile, the Bombay Stock Exchange’s S&P Sensex was higher by 618. 06 points at 82,177. 60 and the National Stock Exchange’s Nifty index was up by 182. 95 points at 25,119. 35.
Further, Congress also revealed Sembcorp and Visu Leasing & Finance which were also clients of Agora Advisory thus doubting Buch’s assertion that the firm became idle as soon as she joined SEBI.
Disclaimer:- This article includes information sourced from publicly available materials and input from relevant news agencies.
