RCom shares plunge 3% amid MTN bid reports

The stock touched an intra-day low of Rs 556.50, down 4.17 per cent as against Wednesday's close of Rs 579.75 on the bourse. The stock ended the day down 3.2 per cent at Rs 561.20.

Meanwhile, Bharti Group Chairman Sunil Mittal rejected talk of the company bidding for MTN. "How can we make a bid? Nobody has invited us," Mittal said on the sidelines of a news conference to announce a joint-venture with IFFCO to sell mobile phones in rural areas.

Reacting to the media reports, RCom said in a filing to BSE that the company "continuously evaluates various growth opportunities globally, both organic and inorganic on an ongoing basis."

Media reports had quoted a top investment banker saying that RCom was exploring the possibility of a leveraged buyout for acquiring MTN.

Vodafone and China Mobile are supposedly the other contenders. MTN's board of directors is scheduled to meet on May 5 to evaluate options, including inviting bids for management control.

Shares of Bharti Airtel today touched an intra-day low of Rs 889.15 as against Wednesday's close of Rs 898.80. The stock, however, ended the day at Rs 898.60 on BSE.