Essar Group shares jump on report about delisting

Written by Reuters | Updated: May 21 2014, 21:47pm hrs
Shares of India's Essar Group jumped after Bloomberg reported the conglomerate was considering delisting all of its publicly listed companies from domestic exchanges and also planning to sell some assets, citing unnamed people with knowledge of the matter.

Bloomberg reported that Essar wanted to buy all the shares it doesn't already own in Essar Oil Ltd, Essar Ports Ltd , and Essar Shipping Ltd because it considers them undervalued.

Shares of all three of the listed Essar units gained 14-15 percent each.

An Essar spokesman was not immediately reachable for comment.