Atlas Cycles looks like a darling stock for the markets.. In last 1 year stock has gained from levels of 160 odd to almost close to 700 now. A whooping 340% rally.
But the crazy thing apart from the rally is the Volume on Friday the 13th January 2016. The stock had an volume of 34,82,863 on the NSE and 8,51,652 shares on the BSE which means a total of 43,34,515 volume.
This is when the company has total share capital of 32,51,919 shares. So that means more than the total Share Capital got traded in a single day.
That’s not all, Lets have a look on the bulk deals on NSE and BSE. Surprisingly NSE’s bulk deal list is full of Atlas Cycle.
As you can see all the bulk deals are mostly market making activities for Atlas Cycle, Surprisingly total amount of shares traded like that with a penny of difference on NSE in bulk deals segment is 25,33,075 shares out of the total NSE volume of 34,82,863 shares.
Also BSE has market making bulk deals to the tune of 5,77,506 shares out of 8,51,652 total traded volume.
Market Making is acceptable in India as we know, but such an incident where such a large percentage of volume being market making bulk deals and that it crosses even the total share capital is surprising and I also believe it is a rare event. Lets hope SEBI takes a look at this.