Stock manipulation: Viaan Industries
Moneylife Digital Team 10 November 2015
Viaan Industries partly-owned by Shilpa Shetty shot up by 2,156% in just over a year. Just 1-2 shares of were traded per day
 
Hindusthan Safety Glass Industries was a Kolkata-based, defunct, listed glass company. Last year, Bollywood actress Shilpa Shetty Kundra and her husband Ripu Sudan Kundra (better-known as Raj Kundra) acquired 51.51% stake from the promoters, and a set of investors, for Rs1.89 crore, at Rs12 per share. They have now renamed the company, after their son, to Viaan Industries. As per the latest annual report for FY14-15, Viaan Industries has started trading in consumer durables and electronic items. The details of operations are not known. On the company’s website, it is mentioned that it will soon launch consumer brands like Viaan Mobiles, V Tab, V Power, V TV, and so on. In October 2015, the company announced setting up of a 100% subsidiary in Dubai, which trades in electronics items & accessories in the Middle East countries. While the company has ambitious plans, it is strange that with just about 500-odd shareholders, the stock price of Viaan Industries shot up by 2,156%, or 22.56 times, to Rs239 on 29 October 2015 from Rs10.60 on 8 September 2014. On an average, just one or two shares of this highly illiquid company were traded per day. Each time the stock was traded, it got locked in the upper limit of 5%. Who are these investors? Whether or not the market regulator will investigate and find out, one thing is sure: on paper, the Kundra couple’s investment of Rs1.89 crore is now worth Rs37.66 crore, in just one year. 
Comments
Himanshu Shah
4 years ago
Just saw the result updated today in ET (Gujarati) Newspaper. Stunned by the exceptional growth. Please dig deeper for the shake of retail investors. Thanks in advance.
Peejay Lal
6 years ago
Obviuosly it's a money laundering operation.
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