GTL, GTL Infra bounce back after yesterday's huge fall

Shares of telecom infrastructure firms GTL and GTL Infra zoomed by up to 12% 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% 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% to touch an early high of Rs 144.70, while GTL Infra's shares surged by 12.16% to touch an early peak of Rs 18.90.

In the previous session, shares of GTL plunged by over 62%, while those of GTL Infrastructure nosedived by 43%.

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.