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RCom shares stage strong comeback; zoom 57% on settlement buzz with Ericsson

Press Trust of India  |  New Delhi 

Shares of (RCom) today bounced back sharply, skyrocketing nearly 57 per cent amid reports of settlement talks with

The stock soared 56.87 per cent to end at Rs 16.55 on BSE. During the day, it jumped 69.66 per cent to Rs 17.90.

Led by the massive jump in the share price, the company's market valuation zoomed Rs 1,659.96 crore to Rs 4,576.96 crore.

BSE today sought clarification from RCom with reference to that RCom, have informed NCLT that they are in settlement talks.

Buying was also seen in other group stocks, with Reliance Naval and Engineering rising 33.07 per cent, 4.64 per cent and 3.21 per cent on BSE.

Shares of RCom yesterday plunged nearly 16 per cent after NCLT admitted an insolvency petition filed by against the company and two of its subsidiaries.

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

First Published: Thu, May 17 2018. 18:05 IST