What explains the sudden, sharp 8% surge in Delta Corp shares? – CNBC TV18

Shares of Delta Corp Ltd. saw a sudden, sharp surge of as much as 8% on Wednesday, December 11, after statements from the Chief Economic Advisor at an event in New Delhi.

CEA V Anantha Nageswaran, at an event, said that regulators should not stand in the way of innovation, whether it be in cryptocurrencies or in online gaming.

The CEA also went on to say that regulators need to be cautious of their unelected powers and they need to be held accountable.

Most of Delta Corp’s revenue comes from the gaming operations. During the September quarter, Delta Corp’s revenue from gaming operations fell to ₹177.23 crore from ₹230.38 crore during the same quarter last year.

Delta Corp has been excluded from the Futures & Options (F&O) segment and only trades in the cash market.

After that sudden surge, shares of Delta Corp gave up some of those gains but ended 5% higher on Wednesday at ₹127.73. The stock does not have any analyst coverage. The stock is still down 15% so far in 2024.