TCM, a sick company with no revenues has shot up 291%

TCM was into production of chemicals used in industries. In 2004, it was declared sick and registered with the Board for Industrial and Financial Reconstruction (BIFR). All operations were closed as the net worth of TCM had been fully eroded. TCM has not reported any revenue from operations over the past 12 quarters. It reported an average net loss of about Rs30-Rs40 lakh in each quarter. Yet, over the past seven months, the stock has generated much trading interest. The stock price shot up 291%, to Rs82 on 10 August 2015, from Rs21 on 9 January 2015. Investment in TCM’s shares would have more than tripled in just seven months. On the BSE, trading turnover of the stock surged to Rs2 lakh per day in the first week of August 2015. On an average, the stock has reported a trading turnover of about Rs40,000 per day. Life Insurance Corporation (LIC) of India has a 23.7% stake in the company (currently worth Rs6.61 crore) while New India Insurance holds 1.46%. The insurance companies have remained invested in TCM for over a decade. TCM, with no revenues, has a current market-cap of around Rs28 crore. Will the regulator investigate the suspicious price movement and surge in trading volumes?