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The case examines how Grasim, a leading Indian business conglomerate, gained control over the cement business of another business group, Larsen & Toubro Ltd (L&T) through stock market mechanisations. It discusses the rationale for Grasim''s acquisition of stake in L&T and also examines the acquisition tactics adopted by Grasim to increase its share in L&T. It covers the role of India''s stock market regulatory authorities with respect to insider trading at L&T, the open offer chaos and takeover code violations by Grasim. The case critically examines L&T''s decision to demerge the cement division to prevent a takeover by Grasim. The case explores the moves and counter moves adopted by both companies in this tussle. Finally, it details the settlement plan accepted by both parties. The case is structured to enable students to: (1) understand how stock market deals influence corporate decisions at the strategic level; (2) analyse how even financially sound companies with strong business models can become targets for hostile takeovers; (3) understand the concepts of hostile takeover, insider trading, open offers and other related issues; (4) understand the implications of uncertainty about a company''s ownership on the individual shareholders; and (5) appreciate the role and importance of regulatory authorities in ensuring that small shareholders are protected against exploitation. The case is intended for MBA/PGDBM level students as part of the finance curriculum.