The stock price of Essar Steel zoomed on Thursday to hit the upper circuit limit of 20% on the domestic equity bourses following the Securities Appellate Tribunal (SAT) ruling to keep the delisting of the stock in abeyance. The stock closed the day at Rs 71.10, gaining Rs 11.85 or 20%.
The stock opened the day at Rs 65 and touched its upper circuit limit of 20% within a short time.
Around 31.73 lakh shares changed hands in BSE against its two-week average traded quantity of 24.40 lakh shares as investors flocked the counter when it became clear that the stock would not be suspended from trading for delisting till further directions from SAT.
On Wednesday SAT in its order has kept the delisting of Essar Steel in abeyance following complaints filed by minority shareholders which alleged that the price discovered for delisting was below the intrinsic value of the company.
