Today, Piramal Enterprises made an important announcement to the Exchanges.
This announcement actually means that DHFL shares will now be worth zero.
However Dalal Street’s Finest decided to welcome this announcement with an Upper Circuit of DHFL shares.
While Caveat Emptor etc is fine, the mind boggles at the reckless speculation.
Maybe SEBI/Stock Exchanges should step in and delist stocks involved in NCLT resolutions.
One reply on “DHFL : A Suckers Rally”
Whether SEBI/SEs should delist the stock is a different question left to them, but, yes, this rally is mind boggling in the sense that there is UC in this scrip for the last many days at 5% and 7th June, the filter was increased to 10%, still there was UC and even today, i.e. 8th June, there is 10% UC till now (10.30 AM).
Either it is a numb game played by the operators (though I don’t understand who wins in this game at the end) and there is a strong grapevine suggesting that SC will give a “stay” on the operationability of the NCLT order.
Peculiarly, it is NCLT who gave 10 days to CoC to consider Wadhawan’s offer which was stayed by NCLAT and now NCLT has given its judgement.