TTML locked at 5% Upper Circuit on the BSE

Shares of Tata Teleservices were locked at the 5 upper circuits at Rs 149.25 on the BSE. The shift was seen after the company decided not to opt for the conversion of interest related to adjusted gross revenue dues into equity in the name of the government.

The stock of Tata Group telecom services provider has more than halved down 51% after the company announced its decision for the conversion of AGR dues into equity. It has also hit the record of Rs 291.05 on January 11, 2022. TTML is currently trading under the T group on the BSE. Each trade has to result in delivery in the T21 segment and no intra-day position is allowed. The volume jumped 10 fold with the huge trading activities that the counter saw.

TTML has said in its exchange filing that the conversion is much less as expected and calculated by the company and the board of directors in its meeting on February 1. It was decided to withdraw the desire expressed for conversion and inform the Department of Telecom that the company is not desirous of opting for conversion of interest into equity.