Live Markets »News & Advice»Market News»Market News Details
Market News Details
Back

Edelweiss slips 4% after R-Power asks Sebi to ban it from trading

SI Reporter/New Delhi 11 Feb 19 | 11:24 AM

Shares of Edelweiss Financial Services fell as much as 4 per cent to Rs 133.65 apiece in intra-day trade on Monday, after Reliance Power asked the capital markets regulator Securities and Exchange Board of India (Sebi) to prohibit the firm from trading in the securities market.

The Anil Ambani-led company has asked Sebi to investigate the disruption of Reliance group's shares, “which include examination of the dealing room records, including records of phone calls and SMS of all persons at the broking firms where the bulk of the sale transactions took place, and the relevant fund flows". READ MORE HERE

Related Stories

    No Related Stories Found
Widgets Magazine

In a letter dated February 6, the company alleged that Edelweiss “had pressed huge sale orders significantly below the prevailing market price, thus majorly contributing to downward movement in the last traded price". Such selling was “enforced not only in the cash but also in the derivatives segment in a disorderly manner". Leading to deliberate “hammering down of the price of Reliance Power shares".

R-Power has 3.1 million shareholders and debt of over Rs 30,000 crore.

The promoters had raised the loans by pledging their shareholding in the company, one of which was issued to the Edelweiss group. The share sell-off was primarily by Edelweiss and L&T Finance of pledged shares. The two lenders have denied any wrongdoing and plan to approach Sebi to clarify their position.

At 11:21 am, shares of the company were trading 2.62 per cent lower at Rs 135.65 apiece on BSE. 

Widgets Magazine

Sensex

Company Price Gain (%)
O N G C137.101.48
Tata Motors163.001.18
Axis Bank692.600.88
NTPC136.850.48
IndusInd Bank1,516.950.47

Poll

Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine