Karachi: In an official communication to the Pakistan Stock Exchange Compliance Department, Bela Automotives Limited has reported unusual fluctuations in its share prices, urging an investigation into potential market manipulations. This comes after the initial trade suspension on September 28, 2024, with share prices closing at 1.30, the exact figure at which trading had been previously halted.

Bela Automotives, a Karachi-based manufacturer known for its comprehensive range of high-tensile automotive components, responded to the PSX's request for clarification regarding the atypical trading activity. The company highlighted several correspondences dating back to January 19, 2024, where it first flagged these irregularities. Subsequent letters on February 9, 2024, and March 20, 2024, reiterated concerns, implicating certain shareholders, including notable figures such as Shaikh Muhammad Ayaz Allahwala and others, in the suspicious activities.

According to information available from the Pakistan Stock Exchange (PSX), the significant share transactions occurred on November 22, 2023, involving 1000 shares at a rate of 4.06, which Bela Automotives deemed unusual. The trading anomalies were observed over a period extending to November 1, 2024, prompting the company to request further scrutiny into these matters from the PSX.

The company’s CEO, Abdul Mateen, expressed surprise over the market manipulation, which has not only affected the company’s stock but also its shareholders’ trust. The document requests that the Securities and Exchange Commission of Pakistan (SECP) and the PSX’s Chief Regulatory Officer take a closer look at the details of these manipulations and the parties involved.

The escalating concerns around these trades have led Bela Automotives to also forward a copy of their complaint to the SECP’s Director for further investigation, highlighting the need for transparency and fair play in market transactions to protect investors and uphold market integrity.