BSE Ltd shares climbed nearly 5 per cent in Tuesday’s intraday trading, rebounding from a six-session losing streak that had wiped out 27 per cent of the stock’s value. Shares traded at ₹4,445.55, up 1.98 per cent near closing.
The recovery follows sharp losses triggered by a Mumbai court’s directive to file an FIR against former SEBI chairperson Madhabi Puri Buch and two BSE officials over alleged listing irregularities involving Cals Refineries Ltd in 1994.
BSE has dismissed the allegations as “frivolous and vexatious,” stating the named officials weren’t in their positions when the alleged incidents occurred. The exchange has initiated legal action, emphasising its commitment to regulatory compliance.
SEBI defended its position, noting the applicant’s history of filing frivolous lawsuits that have previously been dismissed with penalties. The regulator plans to challenge the court order.
Despite recent volatility, BSE remains a strong performer, delivering 101 per cent returns over the past year and 3,261.99 per cent over five years. However, the stock has corrected 25 per cent from its January 20, 2025, peak of ₹6,133.40.
Investor sentiment continues to be affected by ongoing legal uncertainties and potential regulatory changes to proprietary trading norms proposed by SEBI.