Tejas Networks hits upper circuit as Tata Sons arm to buy controlling stake

Shares of Tejas Networks were locked in upper circuit of 5 per cent at Rs 246 on the BSE in Thursday's session after the company announced that Panatone Finvest Limited, a subsidiary of Tata Sons, will buy a 43.3 per cent stake in the telecom related services firm for Rs 1,850 crore.

The stock of Tejas Networks hit upper circuit for the fifth straight day. It was trading at its 52-week high level and has rallied 28 per cent in the past one week. In comparison, the S&P BSE Sensex was down 0.28 per cent during the same period. A combined