Significant price increase: The stock price currently experiencing a 20% upper circuit , which is a substantial gain in a single day.
Multi-year high: This increase pushed the stock price to its highest level in several years.
MTNL did indeed struggle to meet its financial obligations. They were unable to deposit the interest for the bonds into the escrow account on time due to insufficient funds.
However, the government stepped in and deposited Rs 92 crore to cover the immediate interest dues, preventing a default. This government intervention likely played a role in boosting investor confidence, leading to the stock price increase.
MTNL faced financial trouble and couldn’t make the bond interest payment.The government stepped in with funds to avoid a default.This positive development, along with the overall stock market movement, might have contributed to the surge in MTNL’s stock price.
