Stocks

RCom shares continue to gain, rally 10%

PTI New Delhi | Updated on March 20, 2019 Published on March 20, 2019

Shares of Reliance Communications hit the highest trading permissible limit for the second day in a row. File Photo   -  Reuters

Shares of Reliance Communications further zoomed 10 per cent to hit the highest trading permissible limit for the second day in a row on Wednesday after the company cleared dues of Swedish service provider Ericsson.

The scrip rose sharply by 10 per cent to Rs 4.84, its upper circuit limit, on the BSE. On NSE, shares advanced 9 per cent to Rs 4.80. On the traded volume front, 150.71 lakh shares were traded on BSE and over 3 crore shares changed hands on NSE. Shares of the company had zoomed 10 per cent Tuesday too.

Embattled billionaire Anil Ambani on Monday warded off a possible jail term as RCom cleared dues of Ericsson with the money received from elder brother Mukesh and his wife Nita, whom he thanked for standing by him in trying times and extending timely support.

Anil’s heavily debt-laden Reliance Communications made a Rs 550-crore payment, including interest, to Ericsson just a day before expiry of the deadline set by the Supreme Court to clear dues or face a three-month jail term. In a statement, RCom said the payment of Rs 550 crore dues to Ericsson, including interest dues, has been made in compliance with the Supreme Court judgement.

Published on March 20, 2019
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