Shipping Corporation of India had reached the five percent upper circuit limit, closing at Rs 85.17. This reaction was in response to a news report indicating that the government was moving forward with the divestment process.
The company's stock had previously decreased by 40 percent over the past three months, while experiencing a growth of over 100 percent in the past three years. These fluctuations indicate a certain level of volatility in the market.
According to two government officials cited by Reuters, the government plans to initiate the process of privatizing Shipping Corp by inviting financial bids in May. The sale of the state-run company has been postponed for years, and the government is now taking steps to move forward with the divestment process.