Corporation Bank surges 68% in three days post Essar Steel ruling

The Supreme Court (SC) on Friday said the National Company Law Appellate Tribunal (NCLAT) should not interfere with the decisions of the committee of creditors (CoC) in the Essar Steel insolvency case

Shares of Corporation Bank were locked in 20 per cent upper circuit at Rs 26.45 on the BSE on Tuesday, thus zooming 68 per cent in past three trading days, after the Supreme Court ruled in favor of financial creditors in its verdict on Essar Steel resolution .

The state-owned lender's stock price has soared 94 per cent from its 52-week low of Rs 13.60 touched on October 15, 2019.

The counter saw nearly six-fold jump in trading volumes today. Till 10.36 am, a combined 1.2 crore shares changing hands on the NSE and BSE. There were pending buy orders for