Telecom stock jumps 11% after this clarification on the volume surge

Stock market today: Shares of state-owned telecoms equipment maker ITI jumped more than 11% today after the company responded to clarifications sought by Indian stock exchanges on the stock’s recent trading volume surge. ITI stock price opened higher today and hit an intraday high of 121.30 levels each, registering over 11 jumps in Friday’s trading session.

ITI shares have recently shown an upward movement, registering a rise of more than 22% in the past week, which has caught the attention of Indian exchanges. On July 13, 2022, Indian stock exchanges requested clarification from the Allied Telecom Company, to which the government-owned company responded by quoting: “Being a listed company, we are abiding by and complying with SEBI (Listing Obligations and Disclosure Requirements), 2015 and, to the best of our knowledge, we always notify stock exchanges of such events relating to the Company, which may affect the market. We would like to confirm that at this time there are no questions /events pending disclosure to stock exchanges that may affect the price/volume behavior of the Company’s securities As to volume of shares traded/share price, are purely based on market conditions and the Company is not responsible for any increase or decrease in volume or share price or any change in stock market conditions.”

After this clarification by the telecommunications company, the trading volume of ITI shares jumped 3.14 times during Friday’s morning session, which led to a sharp rise in the stock. ITI shares had seen a 5.88x increase in trading volume on July 123, 2022, prompting Indian exchanges to seek clarification from the telecom equipment manufacturing company. In less than a month, this is the second time the exchange has sought clarification from the company over a sudden increase in trading volume. Earlier on June 21, 2022, Indian stock exchanges sought clarification from the telecom equipment manufacturing company on the sudden increase in the trading volume of the telecom stock.

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