Investor jitters grew after the Supreme Court’s sharp criticism of investigative agencies led to a steep drop in Sammaan Capital’s stock.

Mumbai

Sammaan Capital’s shares saw a sharp fall on Wednesday after the Supreme Court strongly criticised the slow and inconsistent approach of several investigative agencies examining allegations against the company. The stock dropped 13.33 per cent to close at Rs 158.40, reflecting investor concern after the court’s pointed remarks.

The Supreme Court questioned the Central Bureau of Investigation (CBI), the Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI) for what it called a “friendly” and casual approach in the ongoing probe. The bench noted that despite the seriousness of the charges, the agencies appeared unwilling to move ahead with the required urgency.

The court expressed worry over SEBI’s handling of the matter, accusing the market regulator of showing “double standards”. It said SEBI must not delay action in a case that may involve major financial irregularities and could potentially harm investors. The court also made it clear that SEBI has full authority to conduct a detailed investigation and should exercise that authority without hesitation.

The Supreme Court urged the CBI to file an FIR quickly, noting it would help the ED deepen its money-laundering probe. The ED said it will meet the CBI, SEBI and SFIO within two weeks for better coordination, and highlighted delays caused by ignored complaints in Delhi and Mumbai. The court set the next hearing for December 17, expecting clear updates from all agencies. Meanwhile, Sammaan Capital’s share price is now nearly 19 per cent below its November 3 peak.