SEBI flags 60x stock surge in Elitecon, alleges pump-and-dump scheme
MUMBAI: The Securities and Exchange Board of India (SEBI) has initiated regulatory action against Elitecon International Ltd after finding prima facie evidence of a pump-and-dump scheme in the company’s shares.
The capital markets regulator observed that the stock surged more than 60 times within a short period before witnessing a sharp decline, a pattern it said was indicative of manipulative trading.
In addition, the price rally was allegedly supported by coordinated trades and fund transfers involving promoters and connected entities.
SEBI also flagged abnormal financial growth, noting that the company’s revenue jumped nearly 686 times over a two-year period.
A sharp spike was recorded in the September 2025 quarter, when revenue rose from Rs 525 crore in the June quarter to Rs 2,195.8 crore.
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