In its latest report filed by the Intelligence Bureau , the IB has alerted the market regulator SEBI about the active presence of Ketan Parekh and his associates in Indian Stock Markets.
Ketan Parekh is a former stock broker was was convicted in the Indian stock market manipulation scam of 1999-2001.The investigation by the Intelligence Bureau found that Ketan Parekh had used broker associates in Kolkotta and other parts of India to manipulate the share prices of Orchid Chemicals, Punj Lloyd, Tata Steel, Sterlite, State Bank of India ,SKS Microfinance & India bulls Real Estate.
SKS Microfinance Stock Price Manipulated ?
According to the Intelligence Bureau report, Mr Ketan Parekh was active in SKS Microfinance and could be responsible for having taken up the share price from Rs 850 to around Rs1,100. The IB is still investigating the matter and more details are expected to emerge in the coming days.
SKS Microfinance’s share price has witnessed wild swings over the past few weeks and had even fallen 20% in a single trading session and on another day had risen by more than 10%. KP’s hand probably explains to some extent the erratic price movements witnessed in the share price of SKS Microfinance.
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