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MTNL is stock shocked

Scrips get hammered on Indian bourses. GDR steady.

The MTNL stock fell sharply on sustained selling pressure from foreign institutional investors to close at Rs 225.10 on the Bombay Stock Exchange,

T H E   J I N X

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against a previous close of Rs 235.80.

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.

T H E   J I N X

• Reboot, says TRAI • VSNL can make hay • MTNL stock shocked • Policy & other stories

"The problem is that the next time around, if an Indian corporate has a good story which it plans to sell, it may not be fully digested by the international investor. The credibility of the company could also take a beating," a fund manager with an FII said.

- Compiled from the Indian media

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