Shares of Anil Ambani's ADAG rallied in the afternoon deals on Tuesday with shares of telecom company Reliance Communications (RCom) gaining nearly 20% after the latter moved to NCLAT to challenge the stay order of NCLT in connection to the settlement with Ericsson.
Shares of Anil Ambani’s ADAG (Anil Dhirubhai Ambani Group) rallied in the afternoon deals on Tuesday with the share price of telecommunication company Reliance Communications (RCom) gaining nearly 20% after the latter moved to NCLAT to challenge the stay order of NCLT in connection with the settlement with Swedish telecom equipment manufacturer Ericsson. Meanwhile, shares of Reliance Naval and Engineering (RNaval) also jumped more than 17%.
“The Directors of Reliance Communications Limited and two of its subsidiaries Reliance Telecom Limited and Reliance Infratel Limited, today filed appeals before the Hon’ble National Company Law Appellate Tribunal (NCLAT), New Delhi, challenging and praying to stay the order of the Hon’ble National Company Law Tribunal (NCLT), Mumbai, whereby Ericsson applications had been allowed to be admitted for debt resolution under the NCLT IBC process,” RCom said in an exchange filing.
Shares of Anil Ambani’s telecom firm RCom have been in focus since last year when the company announced the sale of its assets to Mukesh Ambani-controlled Reliance Jio Infocomm in order to resolve the debt. Over the course of last one-and half-month, Reliance Communications (RCom) have been trying to expedite the process of the asset sale to Reliance Jio but is getting stuck in one or the other hurdles.
The stock of Reliance Communications (RCom) advanced 19.02% to a day’s top of Rs 15.95 while the stock of Reliance Naval and Engineering soared 17.36% to a day’s high of Rs 16.9 on Tuesday. Massive trading volumes have been registered on the counters of RCom in the last few days. Even today, up until 1:31 pm, more than 23.5 crore equity shares exchanged hands on both NSE and BSE with about 21.2 crore equity shares being traded on NSE alone.
Earlier last week on Thursday, RCom shares rocketed around 76% to Rs 17.7 intraday. On Thursday and Friday, about 55 crore and 88 crore equity shares were traded on NSE alone.