The Exchange has sought clarification from Rail Vikas Nigam Limited with respect to recent news item captioned Ministry Of Railways Proposes Merger Of IRCON And RVNL As Shares Surge. The response from the Company is attached.
RVNL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.3 pts more than Nifty Midcap 150 and 2.4 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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NSE and BSE sought clarification from RVNL after a news report on ndtvprofit.com claimed the Ministry of Railways had proposed a merger of IRCON and RVNL. RVNL stated it has not received any communication or intimation from the Ministry of Railways or any other authority regarding such a merger. The company confirmed no negotiations are underway, no undisclosed price-sensitive information exists, and no regulatory or legal proceedings are involved. RVNL reiterated its commitment to SEBI Listing Regulations and timely disclosure of material information.
This is a denial of the merger rumor that had driven a surge in RVNL shares. Shareholders should note the company has officially confirmed no such merger proposal exists, which could lead to a correction in the stock price as speculative buying unwinds.