Shares of Reliance Communications Ltd plunged as much as 20 per cent. The stock gave up all its early gains as according to sources, the company's settlement with Ericsson over dues is unlikely for now.

Media reported earlier that the company is in advanced talks with Ericsson for an out-of-court settlement of its dues, following which the stock rose as much as 30 per cent today following a 56 per cent surge in the previous session.

Over 555 million shares changed hands, over 5.5 times the 30-day average volume of 96.8 million.

RCom stock has declined 54.6 per cent this year as of last close on Thursday.

India's bankruptcy court had on Wednesday admitted an insolvency plea by the Swedish telecom gear-maker against RCom, potentially delaying the RCom's plans to sell assets to cut its debt.

Ericsson, which had signed a 7-year deal in 2014 with co, is seeking Rs 1,155 crore ($169.9 million) from RCom and 2 of its units.

 

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