 "VRL Logistics surges as promoters withdraw regional airline plan")
VRL Logistics has surged 20% to Rs 378 on the BSE in early morning trade after the company announced that the promoters have decided to withdraw their regional airline plans.
"We have decided to drop the plans for entry into the civil aviation space as the regional connectivity related aspects listed in the new aviation do not augur well with our planned business model envisaged for the proposed activity,” Vijay Sankeshwar said in regulatory filings.
On May 24, the promoters of VRL Logistics Vijay Sankeshwar and Anand Sankeshwar announced their intention to start a regional airline.
Post announcements, the stock tanked 30% in next two trading sessions from Rs 394 on May 23, to Rs 275 on May 25. It touched a 52-week low of Rs 253 on May 25 during intra-day trade.
At 09:26 AM, the stock was up 13% at Rs 357 on the BSE, as compared to 0.05% rise in the S&P BSE Sensex. A combined 1.86 million shares changed hands on the counter on the BSE and NSE so far.
"We have decided to drop the plans for entry into the civil aviation space as the regional connectivity related aspects listed in the new aviation do not augur well with our planned business model envisaged for the proposed activity,” Vijay Sankeshwar said in regulatory filings.
On May 24, the promoters of VRL Logistics Vijay Sankeshwar and Anand Sankeshwar announced their intention to start a regional airline.
Post announcements, the stock tanked 30% in next two trading sessions from Rs 394 on May 23, to Rs 275 on May 25. It touched a 52-week low of Rs 253 on May 25 during intra-day trade.
At 09:26 AM, the stock was up 13% at Rs 357 on the BSE, as compared to 0.05% rise in the S&P BSE Sensex. A combined 1.86 million shares changed hands on the counter on the BSE and NSE so far.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%