MTNL soars 8% on news reports of merger with BSNL
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Shares of MTNL soared 8% on news reports that the proposal to merge BSNL and MTNL is back on the discussion table with top officials at the telecom department once again 'brainstorming' on various options before the two loss-making, state-owned entities.
Reacting to the development, the stock of the company surged as much as 8% to Rs 24 on the BSE in an otherwise weak market.
On the volume front, 13 lakh shares exchanged hands on the counter against its two-week average of nearly 5 lakh shares on the BSE.
According to a highly-placed source in the Department of Telecom, a top-level meeting recently discussed possibility of merging both the entities that are facing financial stress due to increasing competition in the sector, reported PTI.
Meanwhile, exchange has sought clarification from the company with reference to the same news buzz.
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