Reliance Group Chairman Anil Ambani on Tuesday announced that the company has achieved full resolution of Reliance Communications’ (RCom) debt restructuring. Shares of RCom rallied up in intraday trade Tuesday with stellar gains on the BSE. Shares of RCom surged 41.1% to the day’s high of Rs 23.2 on NSE while the stock climbed 41.02% to hit a day’s high of Rs 23 on BSE.
The surge has come on the back of heavy volume in these scrips. Following a huge rise in the share price of RCom, the market capitalization of the company jumped to Rs 6,360.73 crore from Rs 4,510.59 crore as per the last days’ closing price of Rs 16.31 on BSE. Reliance Jio Infocomm has reportedly led plans to acquire the assets of Reliance communication. Other scrips from the Reliance Group, the shares of Reliance Infra, Reliance Power, Reliance Capital, Reliance Nippon Life Asset Management and Reliance Naval and Engg were traded significantly higher on Tuesday.
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