Comments
Shares of telecom infrastructure firms GTL and GTL Infra zoomed by up to 12 per cent in morning trade on the BSE today, a day after both the stocks received a severe hammering amid rumours that their promoters have pledged more than 50 per cent of their stake.
After witnessing a steep fall in their share prices and respective market capitalisation, GTL and GTL Infra today bounced back in what market experts termed as a technical recovery.
Shares of GTL shot up by 13.22 per cent to touch an early high of Rs 144.70, while GTL Infra’s shares surged by 12.16 per cent to touch an early peak of Rs 18.90.
In the previous session, shares of GTL plunged by over 62 per cent, while those of GTL Infrastructure nosedived by 43 per cent.
More than Rs 3,200 crore worth of combined market capitalisation was wiped out due to heavy selling.
The company has said that neither its promoters nor entities related to the promoters have sold any shares, including the shares that have been pledged.
The company also said they have approached SEBI asking it to probe if there was any foul play in the debacle on the bourses.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.