Sterlite Tech jumps 7% on pledge share release

Sterlite Technologies shares rallied 6.7 percent intraday on May 7 after promoter reached an agreement with lenders to release a pledge on its shareholding.

The stock was quoting at Rs 200.45, up 4.76 percent on the BSE, at 10:54 hours IST. However, it has fallen 40 percent in the last one year.

The software services firm informed exchanges that it has reached an in-principle agreement with lenders. "We expect the removal of pledge of shares of Sterlite Technologies to get completed by end of July 2019."

This would result in an amount of Rs 4,000 crore as on date and would come as a relief to investors stuck with the stock, Sameer Kalra, Equity Research Analyst & Founder Target Investing told Moneycontrol.