Stories of price manipulation
Mahamaya Steel (Rs88)
Mahamaya Steel Industries was known as Rajesh Strips before the name was changed on 10 June 2009. Prior to 2009, the company was suspended from listing for failing to 
adhere to the listing norms. It also failed to comply with corporate governance norms. However, after changing the name (a popular strategy to project a different and favourable image), the BSE revoked the suspension and re-listed the company on 23 February 2011. In July 2012, CDSL had sent the company a notice for not addressing the large number of pending demat requests. The company’s fundamentals have been deteriorating. Quarterly sales plummeted by half since September 2011. Its profitability followed the same pattern of decline. More pertinently, it recorded over Rs80 lakh losses in the past two quarters—March and June 2013. Yet, during the past two quarters, the company’s share price rocketed 521%, from Rs19.30 to Rs119.80, between 28 March and 1 October! Neither the BSE nor the market regulator could care.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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