Updated: April 22, 2021 4:51:26 am
Bombay Oxygen Investments Ltd does not manufacture any oxygen, but the company’s share price skyrocketed by 200 per cent since December 2020 just because the company’s name has ‘oxygen’ in it. Its stock surged from Rs 8,511 on December 7, 2020 to Rs 25,500 by April 20, 2021.
“Speculators were just pushing up the share … it’s not clear whether they were manipulating the share and duping gullible investors. Oxygen is in great demand these days due to Covid pandemic. Sebi should investigate the rise in Bombay Oxygen share price,” said a dealer. On Tuesday, Bombay Oxygen share closed 5 per cent lower at Rs 23,346.15 on the BSE. Analysts said the only reason for such a stupendous rally is the company’s name.
On the homepage of its website, the company says it was incorporated as ‘Bombay Oxygen Corporation Limited’ on October 3, 1960, but changed its name to ‘Bombay Oxygen Investments Limited’ from October 3, 2018. It has been issued a certificate of registration from RBI “for carrying on the business of non-banking financial institution (NBFC) without accepting public deposits.”
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