Anil Ambani led RCom zooms nearly 36%; other Reliance group stocks also shine
RCom stock zoomed 35.24 percent to close at Rs 17.27 on BSE helped by fag-end buying. During the day, it rose sharply by 44.94 percent to Rs 18.51
New Delhi: Shares of Reliance Communications garnered heavy demand, surging nearly 36 percent, in an otherwise sluggish broader market on Wednesday.
The sharp rise in the stock came amid reports that the National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communications to early next month.
The stock zoomed 35.24 percent to close at Rs 17.27 on BSE helped by fag-end buying. During the day, it rose sharply by 44.94 percent to Rs 18.51.
At NSE, shares of the company rose 35.68 percent to end at Rs 17.30.
In terms of equity volume, 370.98 lakh shares of the company were traded on BSE and over 26 crore shares changed hands at NSE during the day.
The company's market valuation rose by Rs 767.47 crore to Rs 4,298.47 crore.
Buying was also seen in other Reliance group stocks, with Reliance Naval and Engineering surging 10.67 percent, Reliance Capital soaring 7.14 percent, Reliance Power (6.89 percent), Reliance Infra (5.21 percent) and Reliance Nippon Life Asset Management (1.07 percent) on BSE.
In the stock market, the Sensex fell by 59.36 points to end at 33,777.38.
RCom is facing insolvency proceedings filed by lenders such as China Development Bank and Ericsson India before NCLT for recovery of dues.
Shares of Reliance Communications (RCom) on Wednesday extended their previous session's rally, soaring over 25 percent, as investor sentiment remained buoyant following a revival plan announcement
Anil Ambani-run Reliance Communications (RCom) on Friday said it is in advanced stages of discussions with Ericsson for settling issues related to unpaid dues outside of the insolvency and bankruptcy proceedings
Reliance Capital on Monday said it has sold 10.75 percent in Reliance Nippon Life Asset Management Ltd (RNAM) for over Rs 1,450 crore