Shares of Reliance Communications Ltd (RCom) surged as much as 14.9 per cent to Rs 31.20, their biggest intraday percentage gain since December 29, 2017.
The company had reported a narrower Q3 loss on Monday after shutting down its consumer business. The debt-laden company, which has faced a string of bankruptcy pleas, is selling most of its wireless assets to another carrier Reliance Jio Infocomm Ltd, a unit of Reliance Industries Ltd.
After shutting down the wireless business, RCom will be left with a unit that houses its undersea cables and internet data centres.
On Monday, Fitch Ratings had downgraded Rcom's unit Global Cloud Xchange Ltd's (GCX) long-term foreign and local-currency issuer default ratings to 'CCC' from 'B-'. It has also downgraded a GCX unit's $350-million senior secured notes due 2019.