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.