Reliance Power asks Sebi to probe listing day manipulation

Anil Ambani-led Reliance Power is understood to have complained to market regulator SEBI about the possibility of a pre-meditated manipulation of its scrip immediately on its listing on February 11. Asking SEBI to fully exercise its powers to investigate into the matter, the company alleged that all stocks of the ADA Group were simultaneously subjected to the same "vicious selling", bringing their prices down by 10-20 per cent in a single trading session which was disproportionate to the overall decline in the market. The ADAG companies are Reliance Communications, Reliance Energy, Reliance capital and RNRL. This episode of bear hammering in the scrip of Reliance Power appears to be a part of the same vicious campaign, the company is believed to have said in its complaint to SEBI. RPower is understood to have asked Sebi to call for relevant information from both the BSE and NSE exercising its powers under Section 11 C of the Sebi Act and other provisions. It also wanted the market regulator to check data from both the bourses relating to trades in R-ADAG stocks in the cash and futures and options (F&O) segments. The market regulator should ask for details of the quantities of shares sold, the names of the brokers and their clients, the pattern and timing of sales, the funding of margins, stock-lending under FII route and Participatory Notes (P-notes), the company said.