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RCom Shares Zoom 45% In Late Trade
The sudden sharp spurt in the share price of RCom by as much as 45% knows no clear reasons and has come amid insolvency petition filing by China Development Bank against the telecom company.
Anil Ambani led communications company, RCom in late afternoon trade today zoomed by 45% amid heavy trading volumes. On a combined basis, as over 20 crore shares exchanged hands on the NSE and BSE with 18 crore scrips traded alone on the NSE.
The stock on BSE spurted by 44.94% to reach a day's high of Rs 18.51 while on the NSE it surged by 44.7% to Rs 18.45. The massive surge in RCom stock price pushed the market cap of the company to Rs 4,480.06 crore at the day's high price from Rs 3,160.6 crore based on previous close of Rs. 12.77.
As per the PTI report, Mumbai bench of NCLT is directed to hear the insolvency petitions against RCom and Reliance Telecom filed by China Development Bank. And after the company has defaulted on US dollar bond payments, bondholders are reported to hire advisors.
After the disruption by Reliance Jio in the telecom sector, RCom is suffering huge losses and a heavy debt of Rs 45,000 crore. For the quarter ended September, the communications company posted a consolidated net loss of Rs. 2709 crore.
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