ICICI Bank, whose shares fell more than 10% on Friday amid rumors of its insolvency and going kaput, has lodged an official FIR with the Coimbatore and Mumbai Police. Apparently, a Tirupur based sub-brokerage is behind the rumors!!
Never thought the rumour mongers were in my city itself!
According to ET reports:
"A Tirupur sub-broker associated with a well-known Mumbai-based retail broking firm and a group SMS-sending website are suspected to have generated the malicious rumours that battered the share price of ICICI Bank and unsettled its depositors.
ICICI Bank, which filed a police complaint in Coimbatore and Mumbai on Sunday, said a bear cartel of certain high-profile BSE brokers, who have been actively selling the bank’s shares for quite sometime, may have also been behind the rumours.
The bank mentioned that the group SMS website www.smsgroupshup.com and another Kerala-based entity called Maya News were active in spreading incorrect information and inducing investors to sell shares.
The Mumbai-based brokerage with which the Tirupur sub-broker is associated with is Motilal Oswal, according to the ICICI FIR. When contacted, Motilal Oswal director Ajay Menon said: “We have not received any official communication from ICICI or the police, and we are not aware of any such SMS.” Brokerage chairman Motilal Oswal said: “We have always been always been positive on the ICICI scrip”.
According to initial investigations carried out by the bank—based on the SMS trail shared by a telecom firm—a customer in Erode was among the first to receive an SMS from the Tirupur sub-broker. ICICI Bank has told the police that others who could be involved in the concerted effort to damage the bank’s reputation are one Gagan Gilda of Gulbarga and the website www.marketbhavishya.com."
Never thought the rumour mongers were in my city itself!
According to ET reports:
"A Tirupur sub-broker associated with a well-known Mumbai-based retail broking firm and a group SMS-sending website are suspected to have generated the malicious rumours that battered the share price of ICICI Bank and unsettled its depositors.
ICICI Bank, which filed a police complaint in Coimbatore and Mumbai on Sunday, said a bear cartel of certain high-profile BSE brokers, who have been actively selling the bank’s shares for quite sometime, may have also been behind the rumours.
The bank mentioned that the group SMS website www.smsgroupshup.com and another Kerala-based entity called Maya News were active in spreading incorrect information and inducing investors to sell shares.
The Mumbai-based brokerage with which the Tirupur sub-broker is associated with is Motilal Oswal, according to the ICICI FIR. When contacted, Motilal Oswal director Ajay Menon said: “We have not received any official communication from ICICI or the police, and we are not aware of any such SMS.” Brokerage chairman Motilal Oswal said: “We have always been always been positive on the ICICI scrip”.
According to initial investigations carried out by the bank—based on the SMS trail shared by a telecom firm—a customer in Erode was among the first to receive an SMS from the Tirupur sub-broker. ICICI Bank has told the police that others who could be involved in the concerted effort to damage the bank’s reputation are one Gagan Gilda of Gulbarga and the website www.marketbhavishya.com."
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