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MTNL Surges 20% on Delisting Buzz

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Mahanagar Telephone Nigam (MTNL) shares surged as much as 20 per cent to hit its maximum intraday limit of Rs 19.90 on Friday on media reports that the government is planning to delist the stock ahead of its merger with state-owned Bharat Sanchar Nigam (BSNL).
 

The Bombay Stock Exchange has sought clarification from MTNL on these reports.
 

The Department of Telecom (DoT) had set a deadline of July 31, 2015 for concluding the merger of state-owned telecom companies MTNL and BSNL in order to increase their competitiveness.
 

MTNL offers telecom service in Mumbai and Delhi and BSNL offers telecom services in rest of India. MTNL share prices have corrected over 40 per cent in the last one year.
 

Trading volume in the counter has surged. Nearly 62 lakh shares have changed hands in the counter against its 2-week average volume of 3.35 lakh shares. MTNL shares ended 20 per cent higher at Rs 19.94 apiece on the Bombay Stock exchange.

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