Blue Pearl also has had frequent changes in directors. In 2014, four directors—Nijal Navinchandra Shah, Narendra C Solanki, Deepak Rane and Shankar Pandare—resigned. The promoter shareholding is also only 21.62%. The company has seen no growth over more than 14 quarters. The average sales of the past 14 quarters were Rs5 lakh and not exceeded Rs6 lakh in these past 14 quarters. The sales for the June 2017 quarter were Rs6 lakh. In these 14 quarters, the company has made no profit. It has made a marginal loss in 4 out of the 14 quarters. In the June 2017 quarter, operating profit margin was -16.67% and the margin for FY15-16 was -5.56%. Despite such a dismal performance and compliance issues, the price of the stock rose 908% from Rs2 on 3 August 2016 to Rs20.15 on 5 September 2017. Something is clearly fishy and the regulatory authorities are fast asleep. 
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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