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May 21, 2001
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Money > Business Headlines > Report May 21, 2001 |
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Hammering by RK Damani group entities unravelledRakesh P Sharma The preliminary investigation report on the recent market manipulation carried out by the Securities and Exchange Board of India has found that the Radha Krishnan Damani group played a significant role in bear hammering. In its report, the capital market watchdog has said that a limited review of trading by some entities of the Damani group, prima facie, shows that they contributed to the bear hammering on February 23, March 1 and March 2 in select scrips. The Damani group consists of Damani Share & Stock Brokers, Maheshwari Equity Brokers and Jhunjhunwala Stock Brokers. The group also traded through Pratik Stock Vision and Pruthi Sharebroking. On February 23, the group contributed 26 per cent to the fall in the Zee Telefilms share, and 19 per cent in Satyam Computer. The Sebi investigation report said that the members made naked short sales of 10,071 shares of Himachal Futuristic and 11,146 shares of Satyam Computer on March 2 on the Bombay Stock Exchange without having any stock in their demat account. The Damani group also made net sales of 6,515 shares of Infosys Technologies on February 23, which was delivered out of the demat balance. The group made a net sale of 5105 shares of Reliance Industries on March 1. The report said that these transactions were clearly designed to hammer the scrip prices on these dates with manipulative intent. Damani's Maheshwari Equity Brokers also had made a significant contribution to the decline in Satyam Computer in select time slots on February 23 and March 2, which go up to 18 per cent in one particular time slot. Sebi's analysis of Damani Shares & Stock at the NSE shows that it had major net sales positions on March 2 in HFCL (10,076 shares), Larsen & Toubro (51,449 shares), Reliance Petroleum (1,12,180 shares) and Satyam (59,861 shares). These members continued to have open sell positions in Larsen & Toubro, Reliance Petroleum and Telco. Powered by YOU MAY ALSO WANT TO READ:
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