Yesterday, Shriram City Union had hit a new 52-week low at Rs.1301 and today, it is the top gainer on the BSE, going up 15% to Rs.1550.
The market was unhappy yesterday that Piramal Enterprises was making a complete exit from the group, selling its 20% stake.
Today, volumes have spiked up over 85 times, which means a huge bulk deal is happening. Though we still do not know who is buying Piramal’s stake, those in the know say that it is two PE funds.
Thus th bounce back we are seeing today it all a part of the same stake sale news of yesterday.