you missed my point, I agree with what you just wrote...
...the point is you can short and cover even if delisted (if you know how to do it).
some financial players don't give a crap about the business, if they see they can do a big bunch of money shorting/longing a stock to incredible levels without anyone able to counteract...they will do it.
the case I told you was about a bank, they did have rvenue, but they has bad loans and need to restructure to comply with the financial regulator.
such a case never happened before in the specific jurisdiction.
I strongly agree with you that IPCI shouldn't be at this level and that ANDAs could solve cash needs...but either the company deliver a BIIIGGG partnership or we are in serious danger.
one other point: a typical way shorters close their short is trhough buying a new shares being offered...in this case you can see more clearly where we are risking to go.