Essar Oil spurts 17% on heavy volumes

At 1128 hours, a combined 2.71 million shares changed hands on NSE and BSE.

Essar Oil has spurted 17% to Rs 113 on back of heavy volumes on National Stock Exchange (NSE).

The stock opened at Rs 95 and has seen a more than two-fold jump in trading volumes. At 1128 hours, a combined  2.71 million shares changed hands against an average sub one million shares that were traded daily in past two weeks on NSE and BSE.

Shares of integrated oil and gas firm was under pressure, fell more than 25% from its recent high, on delisting concerns.

The proposed delisting process of Essar Oil, the oil and gas arm of the Essar Group, has been put on hold after directions from capital market regulator Securities and Exchange Board of India (Sebi).

In a statement issued to BSE on November 27, the company said: “It is hereby clarified that the company had approached the exchange for in-principle approval for delisting of its equity shares. However, as advised by Sebi, the matter has been put on hold till further directions in this regard are received.”

The stock had declined 27% from its 52-week high of Rs 132 touched on September 10, to Rs 96 on Tuesday.