RCom stock dips on reports of SC revising order

Media reports suggested that the Supreme Court revised an order and directed the company’s Chairman Anil Ambani to appear in the court at the next date of hearing in a contempt case filed by Ericsson over unpaid dues worth over Rs550cr.

Jan 11, 2019 08:01 IST India Infoline News Service

Shares of Reliance Communication were trading ~1% down on Friday after media reports suggested that the Supreme Court revised an order and directed the company’s Chairman Anil Ambani to appear in the court at the next date of hearing in a contempt case filed by Ericsson over unpaid dues worth over Rs550cr.

As per media reports, Justice RF Nariman and Vineet Saran stated, the "personal appearance of the alleged contemnor is not dispensed with."  The order stated that SC had been “dispensed with” causing some confusion as the court in a hearing on Monday had turned down the demand from RCom lawyers that Ambani is exempted from making a personal appearance in the matter.  

Reliance Communications Ltd's share price is currently at Rs13.71 down, by Rs0.11 or 0.8%, from its previous close of Rs13.82 on the BSE.
The scrip opened at Rs13.95 and has touched a high and low of Rs13.97 and Rs13.61, respectively. So far, 4,42,27,748 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs3,821.97cr.

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