Stocks

RCom rallies 15% on apex court ruling

Reuters November 30 | Updated on November 30, 2018 Published on November 30, 2018

Shares of Reliance Communications Ltd surged as much as 14.9 per cent to Rs 14.65.   -  KSL

Shares of Reliance Communications Ltd surged as much as 14.9 per cent to Rs 14.65, their biggest intraday percentage gain since November 1.

According to a media report, the Supreme Court has asked Department of Telecom (DoT) to clear RCom's spectrum sale to Reliance Jio Infocomm Ltd on a corporate guarantee of Rs 1,400 crore ($201.06 mln).

It has also asked DoT to give no objection certificate for takeover within a week of receiving the guarantee, the report added.

More than 73.1 million shares changed hands by 0627 GMT, compared with 30-day average of 52 mln shares. RCom stock had lost 64.7 per cent this year as of last close.

Published on November 30, 2018
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