Shares of Reliance Communications jumped as much as 10.4 per cent on Thursday. The company shares rebounded after falling over 20 per cent in Wednesday's trade.

After opening slightly weak at Rs 10.45 against the previous close of Rs 10.55, the stock touched an intraday high of 11.65 and an low of Rs 10.05. In terms of equity volume, 94.19 lakh shares exchanged hands in the morning trade.

On Wednesday, the company shares tumbled 20.5 per cent a day after NCLT admitted an insolvency petition filed by Ericsson against the company and two of its subsidiaries.

The National Company Law Tribunal had on Tuesday admitted an insolvency petition filed by Swedish communications equipment major Ericsson against Anil Ambani-run RCom and two of its subsidiaries seeking to recover Rs 1,150 crore.

Ericsson had signed a seven-year deal in 2014 to operate and manage RCom’s nationwide telecom network but has not been paid the bill. The Tribunal had admitted the petition on Tuesday which could potentially result in delaying RCom’s plans to sell assets to lighten its debt load.

In a statement, the company said: “RCom and two of its subsidiaries - Reliance Telecom and Reliance Infratel - await detailed order from NCLT, allowing the Ericsson application for admitting the companies to debt resolution under the IBC.”

(With inputs from PTI)

 

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