A: CNBC-TV18's stocks editor, Udayan Mukherjee - Probe doesn’t mean much. Sebi is merely saying that we will look into what happened but I seriously think that somebody has to look into what’s going on in some of those stocks.
Just look at the RPL move from Rs 200 to Rs 295, it was madness the way it happened. The fall from Rs 295 to Rs 200-220 was equal madness, the way it unwound. And ask anybody on the street - everybody has his own version from placements made to diamond merchants and which companies were buying that stock and forces shorts to squeeze up. And then when the stock went to Rs 295 and the shorts were scrambling to buy who supplied the stock which came down which brought the stock down to Rs 220. Subsequent to that big Rs 200 to Rs 295 run-up who made money and therefore who picked up the RPL stock from the cash market from the promoters at 4% stake.
Everybody has a story, one does not know what’s going on but it’s abnormal to say the least that a stock with Rs 1 lakh crore market cap will suddenly move 30% in two days and come back 25% in two days. It’s absolute madness.
So I think it behooves the regulator to go out and look into what’s going on though there might be a screen beyond which they cannot look because the people involved are very smart people. But if they are pulling up Bhushan Steel then they have to pull up RPL as well and go out and look into what happened those four-five days in which the stock went berserk and came down. Because a lot of people actually lost money. People are stuck in RPL at Rs 295 even today.
So the regulator should actually look into it and find out what was going on in these stocks because these are not penny stocks not Rs 5 stock. It’s Rs 1 lakh crore market cap stock. I think it begs a lot of answers and hopefully Sebi will find some though it’s going to be difficult because difficult to prove a lot of things there.
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