Westlife Development hits 52-week high on heavy volumes

The stock surged 15% to Rs 283 on BSE in intra-day trade.

Westlife Development,  owner of the Master Franchisee of McDonald’s restaurants in West and South India, surged 15% to Rs 283, also its 52-week high on BSE in intra-day trade, on back of heavy volumes after news that 169 outlets of McDonald's in  the North and East India will shut. 

While the decision has not been finalised, it seems inevitable with McDonald’s India terminating the franchise agreement for the fast-food outlets run by Connaught Plaza Restaurant Ltd (CPRL), alleging breach of contract and payment default.

The trading volumes on the counter jumped more than eight-fold with 179,000 shares changed hands