April 18, 2009,
The Securities and Exchange Board of India (Sebi) is investigating the sharp increase in the Tech Mahindra scrip price, minutes before the official announcement of its winning bid for a controlling stake in Satyam.
Highly placed sources in the regulatory body said Sebi has asked stock exchanges to provide details of the buyers in the counter on Monday, when the Satyam board made the announcement.
On the Bombay Stock Exchange, Tech Mahindra’s share price went up by 21 per cent, from Rs 330 to Rs 398 between 11.31 am and 11.39 am. The Satyam board announced the winning bid at 11.56 am.
Sebi sources confirmed that the price movement was “unusual” on that day and needed to be investigated.
When contacted, Tech Mahindra said the company had not yet been approached by any regulatory authority. “However, we will assist the regulators in every way on the issue,” a spokesperson said.
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