The share price of TRF went up after confirmation on the withdrawal of the amalgamation plan with Tata Steel. TRF has shown remarkable turnaround since the announcement of the amalgamation in 2022, which is primarily the reason for this news being received positively (see Figure 1) by the markets. The rally continued on the second day post announcement with the stock hitting the upper circuit and crossed the pre-merger announcement levels.

When the merger was initially announced in September 2022, the market had reacted negatively to the amalgamation of TRF into Tata Steel (see Figure 2). The shares of TRF faced lower circuit on 22nd September 2022.