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RCom stock zooms 36% after NCLT adjourns hearing of insolvency petition

Other Reliance group stocks also shine

Press Trust of India  |  New Delhi 

A man walks past a logo of Reliance Communication before the Annual General Meeting in Mumbai. (Photo: Reuters)
A man walks past a logo of Reliance Communication before the Annual General Meeting in Mumbai. (Photo: Reuters)

of Communications garnered heavy demand, surging nearly 36 per cent, in an otherwise sluggish broader market today. The sharp rise in the stock came amid reports that the Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Communications to early next month. The stock zoomed 35.24 per cent to close at Rs 17.27 on helped by fag-end buying.

During the day, it rose sharply by 44.94 per cent to Rs 18.51. At NSE, of the company rose 35.68 per cent to end at Rs 17.30. In terms of equity volume, 370.98 lakh of the company were traded on and over 26 crore changed hands at during the day. The company's market valuation rose by Rs 767.47 crore to Rs 4,298.47 crore. Buying was also seen in other group stocks, with Naval and Engineering surging 10.67 per cent, Capital soaring 7.14 per cent, Power (6.89 per cent), Infra (5.21 per cent) and Nippon Life Asset Management (1.07 per cent) on In the stock market, the Sensex fell by 59.36 points to end at 33,777.38. RCom is facing insolvency proceedings filed by lenders such as and before NCLT for recovery of dues.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, December 20 2017. 17:40 IST
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