Moneycontrol article about Rs. 30,600 crore Financial aid to MTNL by Dot

There was a article in moneycontrol which reads as MTNL ends with 10% gain on buzz of Rs 30,600 cr financial aid by DoT to cut debt.

The news article is as follows.

Shares of government-owned telecom operator MTNL(Mahanagar Telephone Nigam) ended 10 percent higher on Thursday based on a report that informed about Rs 30,600-crore financial aid from Department of Telecommunications (DoT).

News agency NewsRise reported that the amount would be used to cut the firm's debt and losses, quoting a DoT official.
The telecom department's panel also recommended to offer Rs 2,300 crore worth for VRS (voluntary retirement scheme) to its employees.

Having said that, the panel also rejected Deloitte's proposal to merge the company with BSNL and sell of non-core assets.

The annual general meeting (AGM) of the company will be held on September 28, 2018.

Mahanagar Telephone Nigam ended at Rs 16.45, up Rs 1.55, or 10.40 percent on the BSE. The stock has been down 27 percent in the last 6 months.
First Published on Aug 30, 2018 03:46 pm

On the other hand there is no such news any other media. No other news houses has reported this news neither DoT or MTNL has confirmed the news, Hence this article looks really a story made up by the publisher to manipulate the share price. Just after the increase the next day shares again started falling. Can SEBI look into such type of practise ? We are tagging It may be written and published for some manipulation of the MTNL stock and gain in the short term by cheating the unsuspecting investors who have thought tat with this amount MTNL will be able to revive itself. SEBI is social media to see whether they can take some action against the manipulation angle ?

Content and image source Moneycontrol.

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