MTNL soars 9% as co plans ‘not to shut shop’ or go to NCLT, say reports

Mahanagar Telephone Nigam Limited (MTNL) shares gained as much as 9 per cent in Monday’s trade on BSE, recording an intraday high at Rs 55.36 per share.

The buying interest in the stock came after CNBC TV18 reported that MTNL will not be allowed to ‘shut shop’, while an option to take the company to the National Company Law Tribunal (NCLT) for insolvency proceedings has been ruled out by the company’s creditors and the government, which is the majority shareholder of the company, at 56.25 per cent.