Shares of Reliance Communications further zoomed 10 per cent to hit the highest trading permissible limit for the second day in a row on Wednesday after the company cleared dues of Swedish service provider Ericsson.
The scrip rose sharply by 10 per cent to Rs 4.84, its upper circuit limit, on the BSE. On NSE, shares advanced 9 per cent to Rs 4.80. On the traded volume front, 150.71 lakh shares were traded on BSE and over 3 crore shares changed hands on NSE. Shares of the company had zoomed 10 per cent Tuesday too.
Embattled billionaire Anil Ambani on Monday warded off a possible jail term as RCom cleared dues of Ericsson with the 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 expiry of the deadline set by the Supreme Court to clear dues or face a three-month jail term. In a statement, RCom said the payment of Rs 550 crore dues to Ericsson, including interest dues, has been made in compliance with the Supreme Court judgement.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.