Karachi: In a development that has raised eyebrows in the financial markets, Tri-Star Power Ltd. (TSPL) has accused certain individuals and entities of engaging in illegal activities aimed at manipulating the company's share prices. The allegations, disclosed in a report dated November 6, 2026, highlight concerns about the integrity of market practices surrounding the company's shares.

According to TSPL, there have been attempts by various parties to manipulate the company's share prices through illicit means. These actions, the company asserts, are in violation of several key regulations, including the Companies Act, 2017, and the Securities Act, 2015. TSPL has identified several entities, including Crescent Star Insurance Ltd., Weavers Pakistan (Pvt) Ltd., Bawany Air Products Ltd., KM Enterprises (Pvt) Ltd., and Pakistan Associated Constructions (Pvt) Ltd., as being involved in these activities.

The company alleges that these entities have issued disclosures as part of a scheme to orchestrate an illegal takeover of TSPL. These actions, TSPL claims, circumvent the prerequisites set out in the Securities Act 2015 and the Listed Companies (Substantial Acquisition and Takeover) Regulations 2017. Furthermore, TSPL has observed patterns of fictitious trades and artificial market practices aimed at inflating the company's stock price unjustly.

According to information available from the Pakistan Stock Exchange (PSX), there have been unusual movements in the volume of TSPL shares. These movements have been linked to allegations of “pumping and dumping” strategies, where share prices are artificially inflated and subsequently sold off for profit. The company has also pointed to patterns of member-to-member financing and margin pricing aimed at manipulating share prices.

TSPL has called for immediate intervention by the PSX to halt these activities and protect the interests of its shareholders. The company has emphasized its willingness to pursue legal action to safeguard its operations and shareholder value against what it terms as unlawful and deceitful tactics.

As the situation unfolds, the market will be closely monitoring the PSX's response, as well as any legal measures TSPL may take in its efforts to counter these alleged activities. The developments have underscored the importance of regulatory oversight in maintaining market integrity and the trust of investors.