Galleon begins to shed its India holdings

Galleon,which is winding up after its founder was charged with masterminding the biggest-ever insider-trading scheme involving hedge funds,has sold almost half its stake in one of the three Indian listed firms it directly holds shares,stock exchange data showed.

New York-based Galleon sold 950,000 shares in Indian engineering firm Shriram EPC at 223 rupees ($4.8) a piece to cut its stake in the firm to about 2.4 per cent from 4.6 per cent,data from the National Stock Exchange showed.

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Probe widens to SAC Capital

CHICAGO: Federal prosecutors in the Galleon Group case have sent a subpoena to a former employee of Steven A Cohen’s SAC Capital Advisors,a sign that the scope of the problem into the largest hedge fund insider trading case is expanding,the Wall Street Journal reported,citing people familiar with the matter. — Reuters