Shares of Spice Communications rose sharply boy more than 30% in the country’s prominent stock exchanges even as the market overall witnessed dip in share prices.

At NSE, the shares of the company ended the day at Rs 80.65 as compared to previous day’s closing price of Rs 61.05 at a change of 30.19%. At BSE prices of the company’s shares scaled to Rs 80.25 at 30.28 % growth when compared to previous day’s closing price of Rs 61.60.

The development is surprising because Spice Communications holds licences to operate services in Punjab and Karnataka, which it has already sold to Idea Cellular. Apart from this the entity is not in any other business.

But this is not the first time the company’s share price have surged at such an alarming rate after selling its stake to Idea Cellular. The last time its share price surged there were allegations of manipulation and call for market regulator SEBI to investigate the unusual development.

This time around, however the development has gone almost unnoticed.