Market movers: Amid allegation of frontrunning, Aditya Birla Capital, ABSL AMC shares tank up to 8%

The Morning Context in a report said the company’s CEO Ajay Srinivasan was apparently sent packing recently due to a whistleblower allegation of insider trading and frontrunning at

, which is the mutual fund arm and is also listed on exchanges.

The whistleblower letter was sent to the board and reportedly asked them to investigate A Balasubramanian, who is the CEO of the Aditya Birla MF and the CIO Mahesh Patil. The former is also the chairman of Amfi.

The allegations, coming on the heels of a similar incident at Axis Mutual Fund, seems to have scared investors on Dalal Street. Aditya Birla Sun Life AMC also tanked nearly 8 per cent during the day.


Revival on cards?

Auto components major Bharat Forge on Monday reported a 9.3 per cent increase in its consolidated net profit at Rs 231.86 crore in the fourth quarter ended March 2022, driven by higher revenue.

The company had posted a consolidated net profit of Rs 212.12 crore in the same period of the preceding fiscal, Bharat Forge said in a regulatory filing.

Shares of the company ended the day up over 5 per cent.

Another big order

Amid all the volatility in its stock price, the business end of

continues to be strong–at least that is what seems to be the case from the number of orders it is getting.

Tata Power Solar, a wholly-owned subsidiary of Tata Power, bagged an order of 300MW Solar project worth INR 1,731 crore, inclusive of tax from

. The project site, located in Rajasthan, will be developed under the CPSU scheme of IREDA.

The project will be completed within 18 months’ time period, aims to reduce around 6,36,960 carbon emissions, and is expected to generate approximately 750 million units annually. Cells and modules made in India would be used in the project installation.

The stock recovered to end up 2% during the day.