RCom stock extends rally; gains 10%

The stock has rallied after Mukesh Ambani helped Anil to clear Ericsson dues by paying ~Rs460cr for Reliance Communication a day before the four-week deadline set by the Supreme Court to clear dues expires.

Mar 20, 2019 02:03 IST India Infoline News Service

rcom
Shares of RCom extended rally for the second consecutive session and hit 10% upper circuit in today’s trade. The stock has rallied after Mukesh Ambani helped Anil Ambani to clear Ericsson dues by paying ~Rs460cr for Reliance Communication a day before the four-week deadline set by the Supreme Court to clear dues expires.

"The requisite payment of Rs550cr and interest thereon to Ericsson has been completed today in compliance of the judgment of the Hon'ble Supreme Court," the company said in the filing on Monday.

Last month, the Supreme Court had held Anil Ambani in contempt for not paying Ericsson's dues despite promising to do so. It had also threatened to send Ambani as well as Chhaya Virani and Satish Seth - chairmen of two RCom units, to jail if they fail to pay the dues in four weeks.

Reliance Communications Ltd is currently trading at Rs4.84 up by Rs0.44 or 10% from its previous closing of Rs4.40 on the BSE. The scrip opened at Rs4.78 and has touched a high and low of Rs4.84 and Rs4.60 respectively.

Related Story