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.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
