Mumbai: Shares of Essar Oil surged 20 percent Wednesday, adding Rs 2,783 crore to its market valuation, in an otherwise flat stock market.
Essar Oil's scrip zoomed 20 percent to Rs 115.20 -- its upper circuit limit for the day at the BSE.
On the NSE, it soared 19.97 percent to touch its highest trading permissible limit for the day at Rs 115.05.
Led by the sharp rally in the stock, the company's market valued climbed Rs 2,783.43 crore to Rs 16,698.43 crore.
At the volume front, 14.43 lakh shares of the company changed hands at the BSE, while more than 47 lakh shares were traded at the NSE during the day.
Essar Oil had on Thursday last week in a BSE filing said that, "It is hereby clarified that the company had approached the exchange for in principle approval for delisting of its equity shares. However, as advised by SEBI, the matter has been put on hold till further directions in this regard are received."
Essar Oil had announced delisting of its shares from the stock exchanges on June 20, 2014.
Shares of the company were under pressure, falling more than 11 percent on delisting concerns. The stock had declined more than 27 percent from its 52-week high of Rs 132.5 touched on September 10, to Rs 96 on Tuesday.
Meanwhile, in the broader market, the BSE benchmark Sensex ended flat at 28,442.71, down 1.30 points.
