Shares of Goenka Diamond and TBZ slip

Goenka Diamond & Jewels Ltd. and Tribhovandas Bhimji Zaveri Ltd. (TBZ) have been roped into the effects of a scam in the Indian stock market, as reported in India Today’. The shares of the two companies dropped today, as the scam was reported.

The scam involved stockbroker Ketan Parekh (KP) and his associated being alleged for having ‘driving up share prices through the creation of false volumes’, as reports add.

The Shares in Goenka Diamond slipped 20 percent to INR 161.75 per share on the Bombay Stock ‎Exchange (BSE) on Monday. The shares of TBZ dropped 6 percent to INR 111.80 on the BSE.

Other companies to have been targeted by parekh and his associates include Dewan Housing, Orchid Chemical, IVRCL, Pantaloon, and GMR Infra. The report stated that the case had been exposed by the Intelligence Bureau (IB).