Doubt with the use of Present participle with after/before

[abheyjit.dadwal]

MGMAT SC states that "The words before and after indicate the sequence of events clearly enough to make the use of the Past Perfect unnecessary"

Does this hold true for Present Perfect participles as well?

Source : OG12
In the below question the correct answer has both after and Present Prefect participle.

[Deleted because this question is from a banned source - see below.]

Would Choice A be correct if it were as given below

which increased 5 percent during the first 3 months of this year after falling

[Ben Ku]

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