MTNL shares surge 17% as board approves Rs 891 crore Powai property sale

MTNL shares jumped 17% following board approval for the sale of its Powai property in Mumbai to the Income Tax Department for Rs 891.53 crore. The asset monetisation move is part of the state-run telecom firm's strategy to pare down its substantial debt burden.

The debt-laden public sector undertaking faces liabilities of around Rs 40,000 crore as of FY26, prompting the company to explore asset sales. The Powai property transaction represents a significant step in MTNL's efforts to improve its financial position through strategic divestment.