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The Economic Times

Debaroti Adhikary

MTNL shares rally 17% as board approves Rs 892 crore Powai property sale amid debt worries

MTNL Powai Jyotiraditya Scindia Debaroti Adhikary Income Tax Mumbai SEBI Trai

Shares of Mahanagar Telephone Nigam (MTNL) surged more than 17% on Thursday after the debt-burdened telco's board approved a proposal to sell its property in Powai, Mumbai, for Rs 891.53 crore to the Income Tax (IT) department.

MTNL shares jumped to Rs 26.94 apiece on Thursday, with the stock on track to record the sharpest single-day gain in nearly 20 months since February 2025. This comes after the stock tumbled around 32% in 2026 so far and 42% in one year.

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