RCom shares stage strong comeback; zoom 57% on settlement buzz with Ericsson

New Delhi: Shares of Reliance Communications (RCom) on Thursday bounced back sharply, skyrocketing nearly 57 percent amid reports of settlement talks with Ericsson. The stock soared 56.87 percent to end at Rs 16.55 on BSE. During the day, it jumped 69.66 percent to Rs 17.90. [caption id=“attachment_4473553” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] Led by the massive jump in the share price, the company’s market valuation zoomed Rs 1,659.96 crore to Rs 4,576.96 crore. BSE on Thursday sought clarification from RCom with reference to news that RCom, Ericsson have informed NCLT that they are in settlement talks. Buying was also seen in other group stocks, with Reliance Naval and Engineering rising 33.07 percent, Reliance Capital 4.64 percent and Reliance Infrastructure 3.21 percent on BSE. Shares of RCom on Wednesday plunged nearly 16 percent after NCLT admitted an insolvency petition filed by Ericsson against the company and two of its subsidiaries.