Vijay Textiles claims to manufacture bed-linen, curtain fabrics and upholstery. For the four quarters ended December 2015, it reported sales of Rs91.64 crore, down 15% from Rs107.62 crore reported for the same period a year ago. In each of the past four calendar years, the textiles manufacturer has reported a net loss. In the year ended December 2015, it reported a net loss of Rs8.87 crore compared to a loss of Rs6.50 crore reported for the year ended December 2014. The promoters hold a 59.83% stake in the company; almost the entire stake (98%) is pledged. Vijay Textiles has a total debt of Rs170 crore which is nearly three times its equity. But, despite its poor financials, the stock price shot up from Rs4.52 on 26 June 2015 to Rs29.55 on 31 May 2016—a rise of 554%. In just the past couple of months, the price has shot up 64%, from Rs18 on 30 March 2016. In January 2016, the Bombay Stock Exchange (BSE) sought a clarification on the suspicious price movement to which Vijay Textiles replied that there were ‘no extraordinary events’ that led to the massive increase in price. Vijay Textiles is not new to such suspicious price movements of its stock. Unfortunately, the regulator, too, has been ineffective in penalising manipulators. In January 2011, the Securities and Exchange Board of India (SEBI) imposed a fine of merely Rs25 lakh on the promoters for having indulged in issuance of misleading corporate announcements. However, this was set aside later, after an appeal to the Securities Appellate Tribunal (SAT). For the period between November 2004 and March 2005, it was alleged that certain entities created artificial volume in the scrip leading to a wide price fluctuations which did not have any correlation with the performance of the company. However, SEBI dismissed the case as there was no conclusive evidence. Thanks to the regulators, the market has become price-riggers’ paradise.