Gujarat Apollo locked in upper circuit on delisting buzz, up 20%

NEW DELHI: Shares of Gujarat Apollo Industries Ltd surged 20 per cent to hit their 52-week high of Rs 153.90 on the NSE on Friday and are now locked in the upper circuit, after ET Now reported that promoters of the company are looking at potential delisting citing current economic state of India.

In the race to buy the promoters stake in the company are global majors such as Volvo, Aman, Wirtgen and Caterpillar, according to ET Now sources.

The stock has surged over 30 per cent in two trading sessions. At 12:50 pm, Gujarat Apollo was up 20 per cent at Rs 153.90. It has hit a low of Rs 132.10 today.

The company, however, declined to comment on the delisting buzz, but sources say that the due diligence is already in the final stage and the deal may happen around Rs 245-275 per share.