It’s been a downhill ride for shares of technology company 8K Miles Software Services Ltd. The cloud services provider has lost 90 percent of its value since hitting an all-time high of Rs 1,029.95 apiece on Nov. 29, 2017.
The slide was accelerated by a string of suspicious developments including, most recently, an allegation by its Promoter and Chief Executive Officer Suresh Venkatachari that two brokerages fraudulently sold a large chunk of company shares owned by him.
Before that an auditor of a private company owned by RS Ramani – Promoter and Chief Financial Officer of 8K Miles Software Services, alleged forgery and resigned. 8K Miles Promoter Venkatachari was once co-owner of that company and also served as director on its board at the time of the forgery allegations.
And then there’s the issue of suspicious related-party transactions and continuous sale of shares by Ramani, who resigned last month.
8k MILES SOFTWARE SERVICES
STOCK PRICE 30/01/2014 TO 22/10/2018
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