The Murky World Of Social Media Stock Tips | Mint – Mint

• Shady tipsters and fin-influencers make a fast buck manipulating penny stocks
• Virtual marketing tools are used to create a sense of FOMO. Some invest at peak valuation of the manipulated stocks and end up losing as much as 25%-30% of the money invested

MUMBAI : The administrators of the Telegram channel ‘Bullrun2017’, which also went by the name ‘Bull Run Investment Educational Channel’, described themselves as a team of “four research analysts with combined experience of 40 years”.

By December 2021, the channel garnered quite a following—of nearly 52,000 subscribers. It recommended stocks to buy and sell, particularly small cap scrips. But there was one problem. The administrators weren’t research analysts. One of them, Himanshu Patel, did a masters in tourism management and had previously worked in a hotel.

Patel, along with other administrators, was using their trading accounts to first buy the shares of certain companies and then recommend it to their subscribers. Next,…

Read Full Story: https://www.livemint.com/market/stock-market-news/the-murky-world-of-social-media-stock-tips-11649866748442.html

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