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RCom shares recover; group firms too gain after recent hammering

Press Trust of India  |  New Delhi 

Shares of Communications and other group bounced back Friday, surging up to 11.2 per cent after the recent hammering.

shares gained 4.82 per cent to close at Rs 5.44 on the BSE. Intra-day, it surged 6.93 per cent to Rs 5.55.

At the NSE, the stock rose by 4.80 per cent to settle at Rs 5.45.

Other group shares too gained, where Capital zoomed 11.23 per cent, Power advanced by 9.55 per cent, gained 6.54 per cent and Reliance Naval and Engineering 5.78 per cent on the BSE.

had, however, recovered Wednesday after three days of sharp fall.

Shares of fell Thursday by over 6 per cent, with group also tumbling.

On Monday, stock ended nearly 35 per cent lower and fell by another 28.5 per cent the next day after the company decided to opt for insolvency proceedings.

Meanwhile, Friday accused and Edelweiss entities of "illegal" and "motivated" actions in invoking the pledged shares and selling them in open market causing a steep fall in its share value.

A few NBFCs, "substantially Finance and certain entities of Edelweiss Group, have invoked pledge of listed shares of and made open market sales of the value of approximately Rs 400 crore from February 4 to 7," the group said in a statement.

"The illegal, motivated and wholly unjustified action by the above two groups has precipitated a fall of Rs 13,000 crore, an unprecedented nearly 55 per cent, in market capitalisation of over just these four short days," it noted.

Further, the group said that Reliance Capital, and as well as their various subsidiaries are performing satisfactorily on all operating parameters, and there is no change whatsoever on any aspect as compared to the position prevailing prior to these sales.

The statement was issued during market hours.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 17:35 IST