Heard on the street: Aban offshore up on buzz NBFC raising stake in company

Shares of oil exploration and production company Aban Offshore jumped on unconfirmed rumours that a non-banking finance company was increasing its stake in the company.

According to sources, the finance company continued buying Aban shares from the market on Thursday. Aban Offshore ended 3.7% higher at Rs 422.50 on a turnover of 15 crore shares on the BSE.

Incidentally, on Tuesday, Cholamandalam acquired 30 lakh shares — accounting for over 6.8% stake — of Aban Offshore through the conversion of pledge. The stock has gained nearly 10% over the past one week.

(Contributed by Shailesh Menon)