Scooters India hits upper circuit on stake sale

NEW DELHI: Shares of Scooters India Ltd hit their upper circuit of 10% at Rs 34.95 after finance minister Pranab Mukherjee informed Parliament about having approved the revival plans of the company.

Mr Mukherjee said the government has approved selling the entire stakes in loss-making state-run firms Central Water Transport Corp, Scooters India Ltd and Tyre Corp of India to a strategic partner.

However, the proposal does not involve sale of assets, but the transfer of the entire government equity in the company to a suitable strategic partner as a going concern.