The unusual movements in Cairn India and Vedanta stocks in a short span of time before the merger announcement prompted the Sebi investigation. Cairn India and Vedanta Ltd both declined to comment on the issue. “There are certain discrepancies which indicate possibilities of unfair transactions before the merger announcement. During the month preceding the 22 July announcement, Cairn India rose 41.67% compared with 10.04% for the oil and gas index. On 22 July, almost a year after the merger was first announced, Vedanta sweetened its offer to Cairn India shareholders.

Source: Mint August 17, 2016 19:18 UTC