Volume Shocker: Essar Oil

Gujarat government has de-frozen its bank accounts after it paid Rs 1,000 crore in sales tax dues.

Essar Oil has soared 9% to Rs 54.90 on back of over three-fold surge in trading volumes. A combined 6.41 million shares have already changed hands on the counter so far, against an average around two million shares that were traded daily in past two weeks on both the exchanges.

Essar Group company engaged in oil and gas sector has said that the state government released its frozen bank accounts after Essar Oil paid Rs 1,000 crore in sale tax dues with the Gujarat government according to the Supreme Court order.

“The company informed by the office of Assistant Commissioner of Commercial Tax, Jam Khambaliya, Jamnagar, of release of the bank accounts frozen on July 9, 2012. As per the order, the bank accounts have been rendered operational with immediate effect,” Essar Oil said in a filing.