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Vakrangee slips 4% on possible SEBI investigation

Vakrangee slips 4% on possible SEBI investigation

Shares of Vakrangee declined 4.5 percent intraday Monday as company come under SEBI scanner for alleged share price, volume manipulation.

“The company has come under Securities Exchange Board of India’s (SEBI) investigation for alleged price and volume manipulation of its own scrip at Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE),” as per Mumbai Mirror report.

According to documents available with Mumbai Mirror, the trading of the Vakrangee scrip was analysed by both the exchanges from January 1, 2016, to June 30, 2016, and September 1, 2016, to June 15, 2017, after it was suspected that certain entities were trading the scrip and increasing its market gross.

Vakrangee is the largest enrolment agency for UIDAI.

The company announced alliance with Cinestaan Digital to offer free and offline videos to citizens from Vakrangee Kendra.

Cinestaan Digital is an Internet media company and has introduced a service named Pocketwala App for smartphones.

Vakrangee would act as the distribution platform where consumers will now be able to get Pocketwala App, choose videos and keep coming back for more videos at their nearest Vakrangee Kendra.

On January 25, 2018 Vakrangee bought 20,00,000 shares of PC Jeweller at Rs 561.71 on the NSE.

The company is the quarter ended December 2017 posted 81 percent rise in its net profit at Rs 236.74 crore against Rs 130.44 crore in the same quarter last fiscal.

At 14:16 hrs Vakrangee was quoting at Rs 488.25, down Rs 17.10, or 3.38 percent on the BSE

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