Stock market today, March 17 -- Shares of Eraaya Lifespaces, which specialises in offering a wide range of kids tricycles, baby walkers, prams, and plastic toys, rebounded in intraday deals on Monday, March 17, from its day's low but still remained in the red. The recovery in the small-cap stock followed the company's announcement that it has initiated legal action against Elara Capital PLC, claiming $4 crore.

"We wish to inform you that the company has initiated legal action(s) against Elara Capital PLC in High Court of Justice, Kings' Bench Division, England and Wales for release of remaining FCCBs proceeds amounting USD 40 Million," the company said in an exchange filing today.

Eraaya Lifespaces, after obtaining in principle approval...