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DB Realty shares surge 19% to recover from all-time low

The scrip advanced 19.96 per cent to touch a high of Rs 100.05 in early trade on BSE. Similarly, the counter shot up 20.04 per cent to Rs 100.30 on NSE.

twitter-logoPTI | March 29, 2011 | Updated 13:38 IST

Shares of DB Realty surged nearly 19 per cent in morning trade on the Bombay Stock Exchange on Tuesday after falling to an all-time low in the previous session.

The scrip advanced 19.96 per cent to touch a high of Rs 100.05 in early trade on the BSE. It had opened at Rs 83.10. Similarly, the counter shot up 20.04 per cent to Rs 100.30 on the National Stock Exchange. It was later quoted at Rs 98.50.

The company's stocks have been trading at low levels in recent weeks and touched a nadir on Monday. However, investors now seem to be lapping up the shares at prevailing low levels, according to market experts.

Shares of the realty firm closed at Rs 83.40 on Monday, a 14 per cent plunge from the previous close, after its director, Sundaram Rajagopal, stepped down. DB Realty touched a record low of Rs 81.40 on Monday.

Rajagopal becomes the fourth executive to leave DB Realty amid the ongoing investigation into the company's involvement in the 2G spectrum scam.

Shahid Usman Balwa, who was arrested as part of the probe in February, tendered his resignation as managing director of DB Realty. Another executive Chandan Bhattacharya had quit as director along with Balwa.

Furthermore, Shahzaad Dalal, the vice chairman of IL&FS Investment Managers Ltd, stepped down as a director of DB Realty last month.

In terms of volume, over 85 lakh shares of the company changed hands on both the bourses in early trade on Tuesday.

Meanwhile, the Sensex was trading at 19,085.97, up 142.83 points, or 0.75 per cent, from the previous close.

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