Coffee Day Enterprises stock jumps 20% after NCLAT sets aside insolvency proceedings
The Hindu
Coffee Day Enterprises stock soars 20% after NCLAT sets aside insolvency proceedings, hitting 52-week high amid market decline.
Shares of Coffee Day Enterprises, which owns the Cafe Coffee Day chain, on Monday (March 3, 2025) jumped 20% to hit its upper circuit limit after the National Company Law Appellate Tribunal (NCLAT) set aside the insolvency proceedings against the company.
The stock of Coffee Day Enterprises Limited (CDEL) zoomed 19.97% each to ₹25.65 and ₹25.53 apiece — also its 52-week high — on the BSE and National Stock Exchange (NSE), respectively.
In the past four consecutive sessions, the stock has been locked at 5% lower circuit.
The market is trading in the negative territory with the BSE Sensex declining 360.20 points or 0.49% to 72,837.90, while NSE Nifty slipped 103.05 points or 0.47% to 22,021.65.
On Thursday (February 27, 2025), the NCLAT had set aside the insolvency proceedings against CDEL.
The NCLAT bench of Chennai had set aside an earlier order passed by the Bengaluru bench of the National Company Law Tribunal (NCLT).
The latest order was pronounced in the open court and a detailed order is still awaited.
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