Beware the quantum computers
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
Anil Ambani-led Reliance Infra has sought an Intelligence Bureau probe into alleged hammering down of 23 infrastructure stocks by a “powerful stock market operator” for personal gains of hundreds of crores of rupees.
Besides itself and another group firm Reliance Power, the Anil Ambani group has also listed out companies like public sector giants NTPC, BHEL and NHPC, as also private sector entities like L&T, JSW Energy, Adani Power, Tata Power and Voltas Ltd in its letter to the IB, sources said.
Reliance Infra has claimed that the illegal bear cartel run by this stock market operator has caused a loss of over Rs 300,000 crore from the infrastructure sector stocks in a short period of less than 90 days ending February 9.
Other infra-sector companies listed out in the letter include Jaiprakash Associates, Neyvelli Lignite, GMR Infra, Lanco Indtatech, Jaiprakash Power Ventures, ABB Ltd, Crompton Greaves, Mundra Port, Torrent Power, Thermax, Cummins India, IRB Infra and GVK Power and Infra.
Seeking a probe and immediate action by the intelligence agency against those behind the bear hammering operation, the company blamed these operators of distorting Indian capital market in general and infrastructure sector in particular.
These operators have been accused of indulging in market manipulations and rumour mongering to destroy the confidence of investors for their own illegal and unjust enrichment.
The company is also believed to have identified the name of the market operator leading this cartel, based on the information from its stock market sources, and has said that he has accumulated huge wealth running into hundreds of crores of rupees in a very short span of time.
R-Infra is believed to have told IB that infrastructure sector has been identified by the government as a growth catalyst and a key driver to make India an economic superpower.
Asserting that infrastructure companies need regulatory protection from market manipulative forces, the company has said that it was important for these companies to raise equity and debt resources to implement their projects.
Last week, Anil Ambani group MD Mr Gautam Doshi had also blamed ‘corporate rivals’ and a bear cartel for market plunge.
Mr Doshi had also said that the group was a victim of the illegal bear cartel that caused a loss of over Rs 3,00,000 crore for the infrastructure sector in past few weeks.
“We have written to SEBI, stock exchanges, and intelligence agencies to immediately investigate these concerted efforts to destabilise the capital markets, and create panic amongst investors,” Mr Doshi had said.
The group stocks lost considerably today also, with R-Infra and Reliance Power falling by over five per cent each.
Another group firm Reliance Media Works fell by over 8 per cent, Reliance Capital by 7 per cent, Reliance Communications by 6.7 per cent and Reliance Broadcast by 5.7 per cent.
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
Rocketship’s Anand Rajaraman on getting pitches from places like Rameswaram and Patna
Bengaluru-based Archeron group plans to open five banks that are run entirely by AI and quantum technologies
Ably skippered by N Srinivasan, India Cements is upping its post-Covid-19 game by expanding capacity
Three-in-one: Passive debt funds come at a low cost and have high-quality portfolios. Some offer return ...
Trend in the rupee movement and Q4 earnings can give direction to the market
There is room for improvement in fund transfer options
Silver looks positive but lacks the higher volumes required to substantiate bullishness
In an age of falling female workforce participation, worsened by the Covid-19 pandemic, policy makers and ...
Murder is a theme that is unlikely to darken and yellow with time, the writer Truman Capote had once said.
Expect the unexpected when musicians of different traditions come together for a duet
On Ugadi, the Telugu New Year Day, a chronicler recalls slices of an isolated year gone by and realises that ...
Marketers are padded up, sponsorship deals have been struck, and campaigns are rolling out. Now let the games ...
And what marketers can possibly do to bring it back in our lives
The agency has changed form over the years but its lustre has not dimmed
Media Factory has purchased the majority stake held by Sam and Lara Balsara of Madison World in Madison Media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor