Unitech to complaint to Sebi against share price manipulation

Blaming a cartel of bear operators for a single-day plunge of over 51 per cent in its shares, the country’s leading realty firm Unitech today said it is seeking a probe by the government and the market regulator Sebi into the matter.

Unitech's share price plumetted by 51.3 per cent to settle at Rs 30.1 on the Bombay Stock Exchange on Friday last week.

“We are in the process of filing complaints to Sebi, Department of Economic Affairs and CBI for probing manipulation in our share price,” Unitech Managing Director Sanjay Chandra told reporters here.

“There are widespread malicious rumours being spread about the financial health of our company, possibly by bear cartels or market operators in the last couple of weeks who have vested interest in making short term gains. They are acting with criminal intentions and are doing in a way economic terrorism,” Chandra said.

Asked whether any of its rival real estate companies are involved in spreading rumours about Unitech, Chandra said: “I doubt it. Our investigation points something else... Some brokers are involved. Similar people involved in a leading private bank case.”

Unitech share price plunged on Friday last week following reports that the firm defaulted on payments to Greater Noida Development Authority for a land deal struck in 2006.