Tata Teleservices stocks slumped in the morning hours following a media report which stated that the company is likely to shut down its operations.
The Company in a filing on NSE has provided clarification. As per the filing, "Tata Teleservices continues to explore all options in respect of its business given the challenging business environment in the telecom industry."
The filing further stated, "At this stage, Tata Teleservices has not made any firm decision on the way forward for its telecom business."
Tata Teleservices (Maharashtra) Ltd is currently trading at Rs 5.07, down by Rs 0.75 or 12.89 percent from its previous closing of Rs 5.82 on the BSE.
The scrip opened at Rs 5.5 and has touched a high and low of Rs 5.5 and Rs 4.95 respectively. The stock is currently trading below its 200 DMA. – IIFL