Bad news for Gitanjali, PNB, OBC: Few scam-related stocks regain lost glory
From the so-called Ketan Parekh (K-10) stocks to Unitech and DB Realty, scam-tainted stocks have fallen by 90 per cent or more from their all-time highs LATEST NEWS: Nearly a dozen companies that have been named in various scams, frauds or price rigging at the bourses in over two decades have lost over 90 per cent of their market value from their all-time high levels, data show. For instance, sample the stocks related to Ketan Parekh, the former stock broker from Mumbai convicted in 2008 for his involvement in the Indian stock market manipulation scam in late 1998 to 2001. Some of the famous Ketan Parekh (K-10) stocks like Himachal Futuristic Communication (HFCL), GTL and Pentamedia Graphics – and Mukta Arts, Tips industries and Pritish Nandy Communications, in which Ketan Parekh had a huge exposure – are currently trading up to 99 per cent lower than their peak levels recorded in 2000. During the 1998-2001 period, Parekh artificially rigged prices of select stocks (in...