Stock Manipulation
Stock Manipulation: Parab Infra

The stock price of Parab Infra shot up by 580%, to Rs171.25 on 1 October 2014, from Rs25 on 11 February 2013

 

Parab Infra was previously known as Pacheli Enteprises. This is not the first time the company has changed its name. It was earlier named Mandsaur Ferro Alloys. Up to 2011, Parab Infra was into manufacturing steel products. Its latest annual report shows that it is into trading and infrastructure. For FY13-14, Parab Infra reported total revenues of Rs1.11 crore from operations. Over the previous two financial years, viz., FY11-12 and FY12-13, it reported nil revenue. Yet, its stock price has shot up by 580%, to Rs171.25 on 1 October 2014, from Rs25 on 11 February 2013. It is also interesting that huge trading volumes over the past one month have brought the price down by over 50% from a 52-week high, of Rs351 on 13 August 2014, to a 52-week low of Rs155 on 25 September 2014. From August 2014 to now, the stock witnessed a burst of trading activity, averaging around 3,000 trades a day, up from around just 100-trades a day over the past year. This huge burst in volumes and massive price movements, as usual, did not wake up the regulators.

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