Markets remained weak during the previous two hours of trade on account of continuous selling pressures among the index heavyweights. Selling is witnessed across sectors with stocks from the steel, media and banking sectors being the top losers. However, select stocks from the software and FMCG sectors are trading firm. The decline to advance ratio is poised at 1.6 to 1 on the BSE.
Shares of Educom Solutions Ltd lost more than 7 per cent mid session Tuesday, on the back of reports that Educom has fudged numbers like Satyam. The stock was trading at Rs1,954, down Rs154 or 7.23 per cent at 1.00 PM on the BSE.
It is learnt that the promoters have made over Rs 250 crore in the stock market in trading in their own shares in the last 3 years. The company has also floated several subsidiaries which are not quoted in the stock markets who have received total of Rs 80 crore from Educomp as loans and advances. It appears that Rs 314 crore the company raised through FCCB, Rs 220.75 crore have been parked with SBI London as fixed deposits and the remaining funds diverted to these subsidiaries
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