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| Rolta to move Sebi; stock dips 60% intra-day |
| BS Reporter / Mumbai Jan 14, 2009, 00:46 IST |
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Market rumours On Tuesday pulled down the stock of Rolta, a Mumbai-based software services firm, by almost 60 per cent during intra-day trading. However, the stock recovered later and ended the day at Rs 87.10, down 17.75 per cent.
The market today was agog with rumours that Rolta promoters have sold their stake, some of the independent directors of the company have resigned and that a major foreign institutional investor (FII) has sold the company’s pledged shares in the open market.
However, Rolta denied these rumours as baseless. The company plans to approach the Securities and Exchange Board of India (Sebi) to look into what it calls the abnormal trading activity. "The volume on both the exchanges was around 85 million shares, but the number of shares marked to delivery was just 3.6 million shares, which is just 4.3 per cent of the total traded shares of Rolta. We are planning to approach Sebi on this issue and ask them to look into such activities," said Hiranya Ashar, CFO and executive director, Rolta.
Bulk deal data on the Bombay Stock Exchange (BSE) revealed that traders and arbitrageurs such as H J Securities, OPG Securities and Matrix Equitrade bought and sold their respective shares in the company. The National Stock Exchange (NSE) data also showed a similar trend with the only addition being Merrill Lynch Capital Markets Espana, which sold 1 million Rolta shares at Rs 68.41.
Rolta promoter K K Singh holds 40 per cent stake in the company and FIIs 24 per cent as on December 31, 2008 BSE data. Some of the FIIs having stake in the company are Credit Suisse Singapore, LIC and Fidelity.
When contacted, Rolta India Chairman and Managing Director K K Singh said, “While I cannot comment on a particular investor, I would like to say that Fidelity had written to us saying that they are increasing their stake in the company from the current 5 per cent to 7 per cent.” On the issue of pledged shares, Singh said the company had reconfirmed with all banks that no pledged share was sold.
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