RCOM in talks Ericsson to exit NCLT process, says co

The stock had rallied 25% to Rs20.65 per share on the BSE in morning trade. Currently, the stock is down by 3%.

May 18, 2018 09:05 IST India Infoline News Service

Shares of RCOM rebounded after the company said that it is in talks with Ericsson to allow the company to exit NCLT process.

“We confirm that RCOM and Ericsson are at an advanced stage of discussions to expeditiously resolve commercial issues. This will enable Reliance Communications to exit the NCLT process.”

“RCOM is confident to expeditiously proceed with its monetization plan with Reliance Jio and overall Resolution Plan with the lenders, keeping in mind the interests of all stakeholders," the company said in the filing.

The stock had rallied 25% to Rs20.65 per share on the BSE in the morning trade. Currently, the stock is down by 3%. 

The stock is currently trading at Rs16.10 down by Rs0.45 or 2.72% from its previous closing of Rs16.55 on the BSE.

The scrip opened at Rs18.20 and has touched a high and low of Rs20.65 and Rs14.10 respectively.

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