Significant movement in price has been observed in Tamilnadu Telecommunication Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Tamilnadu Telecommunication Limited has submitted their response.
TNTELE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.0 pts less than Nifty Microcap 250 and 1.7 pts less than its Telecom - Equipment & Accessories peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Tamilnadu Telecommunication Limited (TTL), a joint venture between TCIL (a Govt. of India enterprise) and TIDCO (a Govt. of Tamil Nadu enterprise), responded to the exchange's price movement query. The company clarified that it is a sick company with no current business activity. The share price movement is attributed to its government promoters deciding to divest their entire stake in TTL. To facilitate the sale, the promoters have floated tenders to appoint a transaction advisor, legal advisor, and valuer, who may be reaching out to prospective buyers through advertisements and other means. The company stated this information is already in the public domain and the stake sale is being carried out with government consent.
This is a significant development for shareholders — the government promoters are exiting the company entirely, which means TTL will likely change ownership. While the promoter exit provides a potential exit opportunity at a premium, the company has admitted it is a sick company with no operations, making it a high-risk, speculative situation for retail investors.