MTNL surges 20% on delisting buzz

Till 1510 hours, a combined 26.3 million shares changed hands and there were pending buy orders for 250,000 shares on the NSE and BSE.

Shares of Mahanagar Telephone Nigam Limited (MTNL) were locked at the upper circuit of 20% at Rs 19.80 on the NSE on the back of heavy volumes on delisting buzz.

The state-owned telecom company clarified that no such proposal is under the consideration of board/management.

According TV channel reports, the government is planning to delist MTNL ahead of its merger with state-owned Bharat Sanchar Nigam (BSNL).

Till 1510 hours, the trading volumes on the counter surged more than 20-fold, with a combined 26.3 million shares changing hands. There were pending buy orders for around 250,000 shares on the NSE and BSE.