Scooters India rallies, stock hits upper circuit on BSE

Scooters India Ltd (SIL) rose by nearly 5% on the BSE today to touch the upper circuit limit after the government decided to divest its entire 95% stake in the loss-making auto company.

Following the news, shares of the three-wheelers manufacturer jumped up by 4.92% to touch the upper circuit limit of Rs 38.40 on the Bombay Stock Exchange (BSE).

The government today decided to divest its entire 95% in SIL with an aim to revive the company that has been incurring losses since 2002-03.

The balance 5% equity will remain with banks, financial institutions, corporate bodies and others.