Vakrangee extends weakness into 3rd day

NEW DELHI: Vakrangee took its losing spell into the third trading session on Wednesday amid reports that the company has come under Sebi scanner for alleged price and volume manipulation of its own scrip at the BSE and the NSE.

The stock fell 19.99 per cent to end the day at Rs 365.35 on the BSE. It had declined 6.25 per cent and 3.61 per cent, respectively, in the previous two trading sessions.

According to Mumbai Mirror, the trading of the Vakrangee scrip was analysed by both the exchanges from January 1, 2016, to June 30, 2016, and September 1, 2016, to June 15, 2017, following which it was suspected that certain entities were trading the scrip and increasing its market gross.


An NSE analysis report of trading of the Vakrangee scrip between January 1 and June 30, 2016, showed that a group of 22 clients related to each other as well as to the company were continuously buying and selling the scrip, accounting for 74.87 per cent of market gross on certain days, the report said.

They traded the scrip on 123 days, and 18 of the 22 had more than 90 per cent trading activity in this stock only, the report added.