Punters hitch a ride on Goodyear delisting plan

The delisting plan of MNC tyre maker Goodyear has resulted in a bonanza for its shareholders, as the development has triggered a sudden rush for the stock. Trading in shares of Goodyear was frozen at the upper end of the 20% intra-day circuit filter at Rs 268, for want of sellers.

While parent Goodyear Tire & Rubber Company (GTRC), which holds 74% in the company, has approved an indicative price of Rs 245, the current market price has already gone past that price. Punters are betting that GTRC may have to hike its bid if it wants to succeed in delisting the company.

Contributed by Nishanth Vasudevan, Apurv Gupta & Shailesh Menon.