Business Daily from THE HINDU group of publications
Wednesday, Feb 20, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Feb 20, 2008 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
|
Home Page
-
IPOs Industry & Economy - Power Markets - Stocks Our Bureau
Mumbai, Feb 19 Reliance Power Ltd, which was listed on bourses below its offer price has, alleged that there has been pre-meditated manipulation of its shares. RPL, an Anil Ambani group controlled company, has requested the market regulator SEBI to undertake an investigation into the movement of its share prices immediately after its listing. The Reliance Power stock price opened at 9.55 am on February 11 at Rs 530 on NSE and Rs 547. 80 on BSE. “ Within just four minutes of the opening, the Reliance Power price was brought down to Rs 395 on BSE and Rs 389.80 on NSE, a decline of over 26 per cent or an unprecedented nearly seven per cent every minute from the peak opening price” the company said. The company has alleged that in several instances, the visible quantity of sale order was much larger that the traded quantity, leading to the suspicions that large quantities were displayed to create panic and then the quantities were withdrawn by cancelling or modifying the orders. “All of this points towards a distinct possibility of pre-mediated manipulation of the Reliance Power order book to create a negative sentiment” the company said in a letter to SEBI. More Stories on : IPOs | Power | Stocks | Economic Offences | Regulatory Bodies & Rulings
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
 |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
