Defying a weakness in the broader stock market trend, the shares of telecom infrastructure firm GTL Infra and its parent company GTL Ltd on Tuesday rallied on the bourses amid reports about a debt restructuring package being approved by the lenders.
Shares of GTL Ltd saw last hour hectic buying and surged 6.73 per cent to settle at Rs 32.50, even after dropping to its all time low of Rs 29.20 earlier in the day on the BSE.
Recouping its initial losses, GTL Infrastructure also soared by 20 per cent to close at Rs 8.64, its highest permissible limit for the day.
GTL Infra also hit its life time low earlier in the day. According to reports, GTL promoters are believed to have agreed to bring in a personal guarantee and lenders have approved the final restructuring package under the Corporate Debt Restructuring (CDR) mechanism.
The rally in these stocks were in sharp contrast with the weak broader market, where the BSE barometer Sensex ended 204.26 points lower.