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Our Bureau

Mumbai, Feb. 2 SEBI may examine the abnormal price movements in the shares of Spice Communication after reports that a group company is interest in Satyam Computer. The SEBI Chairman, Mr C.B. Bhave, on Monday said SEBI will look into the sharp rise in the price of Spice Communications, if required.

Shares of Spice Communications shot up around 190 per cent in the past one week on the BSE from Rs 27.80 a share on January 23 to Rs 80.65 on Monday.

“If it is (an enquiry) needed, it will be done,” said Mr Bhave while responding to a question about the sharp rise in the price of the Spice shares while briefing the media on Monday after the SEBI board meeting.

Meanwhile, Idea Cellular has clarified it had acquired B K Modi Group’s stake in Spice Communications in July 2008. “Hence, Spice Communications Ltd has no relation with B K Modi led Spice group and is not in any way involved with any initiative relating to Satyam,” said a statement to the exchanges.

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