R-Infra seeks probe into bear cartel, says it hit 23 stocks

Reliance Infrastructure has sought a probe by the intelligence bureau into an alleged "bear cartel" that the company believes has been manipulating stocks of several prominent infrastructure companies over the past three months or so.

February 18, 2011 / 18:09 IST

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Reliance Infrastructure has sought a probe by the intelligence bureau into an alleged "bear cartel" that the company believes has been manipulating stocks of several prominent infrastructure companies over the past three months or so.

In a letter to the IB on February 10, the company has said that a cartel led by a powerful stock market operator has acted in an illegal manner. "In 90 days, Rs 3 lakh crore value of infrastructure stocks were destroyed," the letter states. It also alleges that Sharad Bobada leads cartel manipulating infra stocks.

first published: Feb 18, 2011 06:04 pm

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