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|February 18, 1998||
MTNL is stock shocked
Scrips get hammered on Indian bourses. GDR steady.The state owned Mahanagar Telephone Nigam Limited was hammered on Indian bourses on Tuesday as news spread of the Telecom Regulatory Authority of India order barring its entry into cellular services.
The MTNL stock fell sharply on sustained selling pressure from foreign institutional investors to close at Rs 225.10 on the Bombay Stock Exchange,
On the National Stock Exchange, the stock closed down 1.6 per cent at Rs 226.5. The Government of Singapore Corporation is learnt to have been one of the FIIs involved in selling operations.
The MTNL global depository receipt, which has witnessed a price rise over the past few days, was ruling steady at $16.50 (GDR offer price) and $15.7 (bid price) on the London markets during intra-day trading (18:00 IST).
Market analysts said the TRAI decision would probably have a greater impact on foreign investor sentiment than MTNL stock valuations in the coming months.
A source close to the company said these steps would only confuse foreign investors.
- Compiled from the Indian media
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