New Delhi, Jan. 20: Stepping up the campaign against the Jet-Air Sahara deal, the Left parties have sought a probe into the share price movement of the Jet Airways scrip about a month before the news of the possible acquisition came into the public domain.

RSP leader Abani Roy has shot off a letter to finance minister P. Chidambaram, seeking a thorough investigation by the Securities and Exchange Board of India (Sebi) into the share swing.

The letter urges the finance minister to ask market regulator Sebi to “immediately probe the share price movement and trading volumes of Jet for a period of one month prior to the news break of the possible acquisition of Sahara by Jet.” “Especially, the price movements and trading volumes on January 9, 2006 when the stock price suddenly shot up by 5 per cent and volumes shot up four times, should be looked into,” the letter said.

The letter also contends that the “conduct of Jet Airways in this acquisition talks for buying 100 per cent equity of Air Sahara flouts the objectives of listing as the requisite disclosures have not been made. We fear Air Sahara is getting out of the airline in order to minimise future losses.” Roy had earlier written a letter to Prime Minister Manmohan Singh protesting the merger of Jet and Air Sahara.

MRTPC stand

The Monopolies and Restrictive Trade Practices Commission (MRTPC) today said the takeover of Air Sahara by Jet Airways “does not appear” to warrant any immediate probe, though it would “look into” various aspects after the deal is formally sealed.