The arrest of investor Dipendra Agrawal has caused a sharp fall in the share prices of several companies linked to him.
The Central Investigation Bureau (CIB) arrested Agrawal last Friday on charges of artificially increasing share prices, carrying out fake transactions, and influencing market prices. Sunday was the first trading day after his arrest, and the impact was clearly seen in the market.
Shares of companies in which Agrawal has invested turned red as soon as trading began. Sindhu Bikas Bank, Corporate Development Bank, Narayani Development Bank, and Green Development Bank were among the companies that saw heavy price drops.
According to CIB, Agrawal bought shares of Joshi Hydropower Development Company and then released misleading information to raise the share price. He is accused of selling those shares at higher prices later.
CIB claims that Agrawal made illegal profits of around Rs 4.9 million through these actions. The investigation is ongoing, and investors are closely watching how the case develops.
