The delisting of the company may have taken public investors by surprise, but its promoters managed to divest most of their stake well in time.
Uttam Galva Steels was the cynosure of all eyes on Monday. Trading volumes in the little known, bankrupt company suddenly spiked to over 2.5 million shares, a jump of more than 10x its three-week average. This led to its shares getting locked into the upper circuit, meaning there were only buyers for the stock.
There were good reasons for this.
During trading hours on the preceding Friday, Uttam Galva had informed the stock exchanges that the National Company Law Tribunal had finally approved its debt resolution plan. It followed it up with another notice to the exchanges on Saturday, saying …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai