RattanIndia Power shares skyrocket 35% in 2 days, firm issues clarification on sudden volume spike
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Shares of RattanIndia Power surged as much as 12.9% on Wednesday, taking their two-day rally to 35%, amid a spike in trading volumes and strong bullish signals on technical charts. The stock touched an intraday high of Rs 16.13 on the NSE, with 20.5 crore shares changing hands. In response to a query from the National Stock Exchange over the sharp rise in price and volumes, the company issued a formal clarification late Tuesday. "We wish to clarify that the Company is not aware of any reason for the recent significant increase in the trading volume of its shares. The movement in price and volume is purely market driven," the company said in a statement. "There has been no material information or announcement that is required to be disclosed to the Stock Exchanges under applicable regulations, nor has any such information, been withheld," it added. The company emphasized its compliance with all SEBI (Listing Obligations...