Shares of Tata Teleservices (Maharashtra) Ltd today saw heavy buying, soaring nearly 20 per cent, after the Delhi High Court rejected RBI's intervention plea in the Tata-Docomo case.
The stock jumped 19.94 per cent to settle at Rs 8.30 -- its highest trading permissible limit for the day -- on the BSE.
On the NSE, it surged 19.56 per cent to close at Rs 8.25.
The company's market valuation rose by Rs 270.59 crore to Rs 1,622.59 crore.
On the volume front, 28.67 lakh shares of the company were traded on the BSE and over 89 lakh changed hands on the NSE during the day.
While Tata Sons and group companies hold 63.11 per cent stake in the firm, NTT Docomo has 11.76 per cent, as per March quarter data with BSE.
The Delhi High Court today rejected the RBI's intervention plea in the Tata-Docomo case while taking on record the terms of consent of the settlement between the Japanese telecom major and Tata Sons over the payment of USD 1.17 billion damages to the former.
Justice S Muralidhar in his verdict set aside the Reserve Bank of India's (RBI) intervention plea opposing the settlement as well as the damages awarded to Docomo by the London Court of International Arbitration (LCIA).
Docomo and Tata had gone for arbitration as the Indian company was not able to find a buyer for the Japanese telecom major's 26.5 per cent stake in their joint venture, Tata Teleservices Ltd (TTSL), when it exited.
Docomo had moved the Delhi High Court for enforcement of the award after the Tatas cited refusal of permission by the RBI to make the payment.
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