Unitech to file complaint against bear cartel

NEW DELHI: Realestate major Unitech is filing complaint with market regulator SEBI and government against ���certain brokers,��� which it blames for allegedly bringing down company���s share price. Unitech���s share lost 51% in Friday trade on BSE to close at Rs 30.

���We are in the process of filing complaint with Sebi, department of economic affairs and CBI. We have spoken to the officials and they are quite supportive,��� Unitech MD Sanjay Chandra said. He didn���t specify against whom the complaint would be filed, but said, ���a bear cartel is at work.

There are certain brokers who have been targeting our company and spreading malicious rumours for short-term gains.��� Unitech has lost 95% off its 52-week peak attained at the beginning of the year. Friday saw an erosion in the company���s market cap, as share prices plunged to Rs 26.60 before recovering to close at Rs 30.