Essar Shipping stock soars

Heavy trading pushes Indian owner's shares up more than 20% after Essar Oil delisted.

Heavy trading has pushed up Essar Shipping shares after it became the sole listed company in the Essar group.

The stock jumped to INR 35.45 ($0.53) on Tuesday, up nearly 8%, following a 20% gain on Monday, a 52-week high in Mumbai.

A total of 8.33% of its free float changed hands on Monday, the Business Standard reported.

Essar Shipping, which owns bulkers and a VLCC, is the only listed company in the Ruia family-controlled Essar group after it completed the delisting of Essar Oil at the end of last year.

This made it one of the largest privately-owned Indian businesses, with annual revenues of $35bn.