Billionaire Anil Ambani-controlled telecom company RCom (Reliance Communications) stock is one of India's highest traded stocks in 2018 so far among all the listed companies on NSE. The ADAG-group stock has seen this much trading per day.
Billionaire Anil Ambani-controlled telecom company RCom (Reliance Communications) stock is one of India’s highest traded stocks in 2018 so far among all the listed companies on NSE (National Stock Exchange) — the country’s largest stock exchange by trading volume. RCom shares have seen extremely volatile trading over the course of the last one year following the progression in the asset sale program initiated by Anil Ambani to curb the debt burden.
On an average, nearly 11 crore equity shares of RCom changed hands per day, according to the data available with NSE from 1 January to 30 July 2018. To be precise, the average trading volume is 10.97 crore equity shares. In this year so far, the largest trading volumes were registered on 17 and 18 May 2018 when about 55 crore and 82 crore equity shares were traded on NSE alone. In the same month, RCom stock surged exactly 100% in just 11 days to Rs 21 from a share price of Rs 10.5. During the same month, NCLAT allowed ADAG’s RCom to proceed with the asset sale to Reliance Jio and Brookfield.
Today itself, up until 1:31 pm, about 3.73 crore shares of RCom were traded on NSE. At the time of writing, RCom was trading up 1.81% at Rs 14.1.
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In the last one year, RCom share price has seen volatile movement largely on the back of news with regard to US dollar bond default, and regulatory developments including rulings from NCLT (National Company Law Tribunal), NCLAT (National Company Law Appellate Tribunal), High Court. Meanwhile, the announcement of RCom’s asset sale to Mukesh Ambani-led Reliance Jio Infocomm, and settlement dispute with Swedish mobile equipment maker Ericsson have also weighed in.