Parekh-linked scrips gain 76% in May; plunged after SEBI order | business | Hindustan Times
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Parekh-linked scrips gain 76% in May; plunged after SEBI order

business Updated: Jun 07, 2009 12:28 IST

PTI
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The stocks, in which Ketan Parekh appeared to be trading through his front entities, gained up to 76 per cent in May, but fell to their lower circuits after SEBI debarred 26 entities and individuals for manupulative trading in these scrips.

These five scrips — Cals Refineries, Confidence Petroleum India Ltd, Bang Overseas Ltd, Shree Precoated Steels Ltd (now known as Ajmera Realty & Infra India Ltd) and Temptation Foods Ltd — were trading mostly with gains during May.

During the month, Confidence Petroleum India soared as much as 76 per cent on the BSE. The scrip which on May 4 was trading at Rs 6.75 ended May's trade at Rs 11.88 on BSE.

Cals Refineries stock surged 34 per cent on the BSE during last month from Rs 0.86 to Rs 0.91 per share.

Shares of Temptation Foods jumped 16 per cent in May , while Shree Precoated Steels gained 6 per cent on the BSE.

SEBI on Thursday debarred 26 entities from the securities market, after an investigation into possible manipulative trading by them in these five stocks.

In the same order, SEBI also noted that debarred stock broker Ketan Parekh appeared to be trading in the stock market through at least five of these entities.

Parekh and the entities related to him were banned by the market regulator from participating in securities market for masterminding the multi-crore stock scam during 1999-2001.