Sterlite Technologies surges 12% as promoter releases entire pledged shares

Thus far in the calendar year 2019, the stock has underperformed the market by falling 42 per cent, as compared to a 10 per cent rally in the S&P BSE Sensex till Monday.

Shares of Sterlite Technologies surged 12 per cent to Rs 193 in intraday trade on the BSE on Tuesday on the back of heavy volumes after promoter Twin Star Overseas removed entire pledge on the company's shares.

“The company received communication dated June 10, 2016 from Twin Star Overseas Limited, promoters of the company, regarding removal of entire pledge on shares of Sterlite Technologies,” the company said in a regulatory filing.

The promoters have informed that they have removed 100 per cent of the pledge on Sterlite Technologies shares with immediate effect.

The management said that it