Bombay Oxygen Investments, an NBFC, up 200% since December

Bombay Oxygen Investments Ltd doesn’t manufacture any oxygen, however the firm’s share value skyrocketed by 200 per cent since December 2020 simply because the corporate’s identify has ‘oxygen’ in it. Its inventory surged from Rs 8,511 on December 7, 2020 to Rs 25,500 by April 20, 2021.
“Speculators were just pushing up the share … it’s not clear whether they were manipulating the share and duping gullible investors. Oxygen is in great demand these days due to Covid pandemic. Sebi should investigate the rise in Bombay Oxygen share price,” mentioned a seller. On Tuesday, Bombay Oxygen share closed 5 per cent decrease at Rs 23,346.15 on the BSE. Analysts mentioned the one motive for such a stupendous rally is the corporate’s identify.
On the homepage of its web site, the corporate says it was included as ‘Bombay Oxygen Corporation Limited’ on October 3, 1960, however modified its identify to ‘Bombay Oxygen Investments Limited’ from October 3, 2018. It has been issued a certificates of registration from RBI “for carrying on the business of non-banking financial institution (NBFC) without accepting public deposits.”