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Our Bureau

Mumbai , Sept. 20

Investors Grievances Forum (IGF) has demanded an investigation into the trading in shares of United Western Bank prior to the announcement of the amalgamation of the bank with IDBI.

Dr Kirti Somaiya, ex-MP and President of the Forum, asked the Securities and Exchange Board of India to find out who are the major sellers and buyers of UWB shares from September 4 to 8.

Dr Somaiya feels that post-declaration of the moratorium, which happened on September 2, the RBI and SEBI should have suspended trading of the shares of UWB. It would have prevented panic selling at a low price among small investors.

Intra-day low

On September 6, shares of UWB had touched an intra-day low of Rs 5.25 from its previous close of Rs 22.3. About 2,24,45,677 shares were sold on September 4 at Rs 5.25 on the BSE while 4,49,86,552 shares changed hands at the NSE.

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