Savita Oil Technologies Declares Rise in Share Price and Trading Volumes Is Driven by Market Forces

According to Savita Oil Technologies Limited, the rise in the share price and trading volumes is driven by market forces following an inquiry made by the National Stock Exchange (NSE). 

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

In its statement issued on October 1, the company stated that no material information or event has been hidden by it which may warrant disclosure according to listing regulations and may have an impact on the share prices. 

The clarification follows a letter sent by the NSE on September 30 after the exchange observed a significant increase in the price and volume behaviour of Savita Oil Technologies shares. 

Company Asserts Absence of Material Information 

Responding to the question from the exchange, Savita Oil Technologies stated that there was no undisclosed material information or material event in relation to the trading pattern which should have been disclosed as per the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 

Moreover, the company stated that it did not withhold any other material information which according to its knowledge could impact the price or volume of the scrip of the company. 

Savita Oil Technologies rather attributed the rise to the market trend only. 

“The increase in the price/volume of the scrip of the Company is purely market driven,” stated the company in its response to NSE. 

NSE Had Sought Clarification on September 30 

The clarification was issued in response to NSE letter reference NSE/CM/Surveillance/17647, dated September 30. Savita Oil Technologies said it received the communication through email on the same day. 

The company’s response was submitted to the NSE’s Chief Manager – Surveillance and signed by Uday C. Rege, Company Secretary and Chief Legal Officer (Compliance Officer). 

With the clarification, Savita Oil Technologies has maintained that there is no undisclosed company-specific information behind the recent price and volume behaviour of its shares, while attributing the movement to market forces.