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Air Deccan seeks regulatory probe in share price jump

Deccan Aviation seeks a probe by SEBI in the sharp rally in its share price during the past week.
PTI | By HT Correspondent, New Delhi
UPDATED ON MAY 22, 2007 12:06 AM IST

Deccan Aviation, which owns India's largest budget airline Air Deccan, has sought a probe by market regulator the Securities and Exchange Board of India (SEBI) in the sharp rally in its share price during the past week.

The company has witnessed a sharp rally in its share price in the recent past on speculations that various parties, including Vijay Mallya-promoted rival airline Kingfisher as well as Anil Dhirubhai Ambani Group and some private equity players were interesting in buying a stake in the low-cost carrier.

Deccan Aviation has written to SEBI to ascertain the reason behind an abnormal movement in the company's share price, sources close to the development said.

The shares closed on Monady at Rs 140.05, down 0.32 per cent or Rs 0.45 from the previous close on the Bombay Stock Exchange.

However, it has gained over 16 per cent in the past one week and nearly 20 per cent in the past one month.

The stock had closed over 15 per cent higher in a single day on May 17, after registering a gain of over 20 per cent in the intraday trade, which was the biggest one-day gain since its listing about a year ago.

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