Ignoring a bearish broader market trend, the shares of DB Realty today surged higher on the bourses as the company promoter Shahid Usman Balwa was granted bail by a Delhi court.
The DB Realty stock jumped 8.60% to settle at Rs 77 on the BSE. The stock had risen by as much as 14.24% during the intra-day trade to touch a high of Rs 81, but pared some of the earlier gains.
At the National Stock Exchange, the scrip ended 5.63% higher at Rs 75.10 after touching an intra-day high of Rs 81.
The sharp rally in the DB Realty stock was in sharp contrast to a bearish trend in the market, where the benchmark Sensex ended 158.79 points down at 16,008.34 points.
Balwa is facing trial in the case related to alleged irregularities in the allocation of second-generation telecom spectrum license by the government. He was arrested on February 8.