Ask Raymond Asks Sebi To Probe Vst Scrip Spike

ASK-Raymond James & Associates, the advisor to the Damanis-promoted Bright Star, has asked Sebi to investigate into "suspicious price movements" in the VST Industries shares on Wednesday, despite the scrip being in the no-delivery period.

As much as 87,145 shares were traded on the BSE and NSE. In a letter to Sebi, ASK Raymond James has said: "Neither Bright Star nor any of its affiliates have bought any of these shares. Any person who purchases shares of VST during the no-delivery period cannot tender the shares in the open offer by either Bright Star or Russell Credit."

The Damani camp has charged that no person without any vested interest in VST in connection with the current open offers will purchase shares during a no-delivery period.

"We believe that there are manipulative motives on the part of the parties concerned by buying huge quantities of shares, raising the price artificially and thereby preventing shares to be tendered in the Bright Star offer," Band said.