PC Jeweller slumps 7% after Sebi seeks show-cause in insider trading case

Sebi observed after the announcement of the buyback on May 10, 2018, the shares of PC Jeweller were locked at the upper circuit of 10 per cent.

Shares of PC Jeweller slumped 7.14 per cent to Rs 24.05 per share on the BSE on Wednesday after market regulator Securities and Exchange Board of India (Sebi) demanded a show-cause from those whom it identified to have benefitted, in the insider-trading case, from price-sensitive information pertaining to the company’s buyback announcement and its subsequent withdrawal. It also ordered impounding Rs 8 crore from the alleged insiders.

The regulator said the order, which named Shivani Gupta (daughter-in-law of PC Jeweller Chairman Padam Chand Gupta), Padam’s son and Shivan's husband Sachin Gupta, Shivani's brother-in-law Amit Garg, and Quick Developers (QDPL), where Garg