DB Realty shares surge over 19% to recover from all-time low

MUMBAI: Shares of DB Realty surged by over 19 per cent on the Bombay Stock Exchange today after falling to an all-time low in the previous session.

The scrip advanced by 19.96 per cent to touch a high of Rs 100.05 in early trade on the BSE. It had opened at Rs 83.10.

Similarly, the counter shot up by 20.04 per cent to Rs 100.30 on the National Stock Exchange. It was later quoted at Rs 98.50.

The company's stocks have been trading at low levels in recent weeks and touched a nadir yesterday. However, investors now seem to be lapping up the shares at the prevailing low levels, according to market experts.

Yesterday, shares of the realty firm closed at Rs 83.40, a 14 per cent plunge from the previous close, after its director, Sundaram Rajagopal, stepped down.

DB Realty touched a record low of Rs 81.40 yesterday. Rajagopal becomes the fourth executive to leave DB Realty amid the ongoing investigation into the company's involvement in the 2G spectrum scam.

Shahid Usman Balwa, who was arrested as part of the probe in February, tendered his resignation as managing director of DB Realty. Another executive Chandan Bhattacharya had quit as director along with Balwa.

Furthermore, Shahzaad Dalal, the vice chairman of IL&FS Investment Managers Ltd, stepped down as a director of DB Realty last month.

In terms of volume, over 85 lakh shares of the company changed hands on both the bourses in early trade today.

Meanwhile, the Sensex was trading at 19,085.97, up 142.83 points, or 0.75 per cent, from the previous close.