Sponsored by

Shares of Reliance Communications zoom 10% after company clears dues of Ericsson

New Delhi: Shares of Reliance Communications zoomed 10 percent Tuesday after the company cleared dues of a Swedish service provider at the eleventh hour.

The scrip jumped 10 percent to Rs 4.40, its upper circuit limit, on the BSE.

At the NSE, shares rose sharply by 10 per cent to Rs 4.40.

Embattled billionaire Anil Ambani Monday warded off a possible jail term as RCom cleared dues of a Swedish service provider at the eleventh hour with 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 the expiry of the deadline set by the Supreme Court to clear dues or face a three-month jail term.

In a statement, RCom said Rs 550 crore dues to Ericsson, including interest dues, has been made in compliance with the Supreme Court judgement.

Anil, whose businesses in telecom and power sectors went into heavy debt in the face of regulatory headwinds and intense competition, thanked Mukesh and his wife Nita for bailing him out.

Your guide to the latest election news, analysis, commentary, live updates and schedule for Lok Sabha Elections 2019 on firstpost.com/elections. Follow us on Twitter and Instagram or like our Facebook page for updates from all 543 constituencies for the upcoming general elections.

Updated Date: Mar 19, 2019 13:46:42 IST

Also See