Air Deccan has requested stock market regulator Sebi to investigate a sharp rise in its stock prise in the last few days. Last week, the Air Deccan stock had witnessed a sharp rise following reports that the Anil Dhirubhai Ambani group was keen on acquiring a major stake in Air Deccan.
Air Deccan shares have been languishing for a long time since listing, and started steadily rising in the last one month. In 30 days, the Deccan Aviation stock has gone up about 20%, triggering fears that market manipulators may be at play. On Monday, the Air Deccan chief financial officer told CNBC TV18 that Air Deccan has written the Securities and Exchange Board of India to probe the unnatural rise in shares. Last Thursday, the shares of Deccan had shot 22% in intra-day trading.
Deccan Aviation owns India's largest budget airline Air Deccan. Steeped in losses, the airline has been struggling to raise resources. Though it is the undisputed leader among low-fare airlines, Air Deccan's market share has come at a price. The airline has found it difficult to keep flying and has asked Edelweiss Capital to find investors to bring in money. It has been reported that several airlines, including Mallya's Kingfisher was interested in buying Air Deccan. Several private equity investors are also believed to have put in bids.
The final status of the winner be announced in a few days. However, the stock had steadily climbed in the run-up to the announcement, ringing alarm bells in Air Deccan.
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Air Deccan shares have been languishing for a long time since listing, and started steadily rising in the last one month. In 30 days, the Deccan Aviation stock has gone up about 20%, triggering fears that market manipulators may be at play. On Monday, the Air Deccan chief financial officer told CNBC TV18 that Air Deccan has written the Securities and Exchange Board of India to probe the unnatural rise in shares. Last Thursday, the shares of Deccan had shot 22% in intra-day trading.
Deccan Aviation owns India's largest budget airline Air Deccan. Steeped in losses, the airline has been struggling to raise resources. Though it is the undisputed leader among low-fare airlines, Air Deccan's market share has come at a price. The airline has found it difficult to keep flying and has asked Edelweiss Capital to find investors to bring in money. It has been reported that several airlines, including Mallya's Kingfisher was interested in buying Air Deccan. Several private equity investors are also believed to have put in bids.
The final status of the winner be announced in a few days. However, the stock had steadily climbed in the run-up to the announcement, ringing alarm bells in Air Deccan.
Discuss
Add this link to...
Tell a friend
Bury
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