Shares of Anil Ambani-led Reliance Communications (RCom) gained 10 percent in early morning trade today and has remained at the price of Rs 4.40 apiece throughout the day. The surge follows the company's announcement that it had paid Rs 550 crore plus interest to Swedish telecom equipment maker Ericsson as directed by the Supreme Court.
In the last month, the Supreme Court had observed a 'wilful default' in payments and had held Ambani guilty of contempt of court and ordered the debt-laden company to clear its dues to Ericsson within four weeks time or face a jail term. RCom succeeded to pay the dues a day before the deadline. In a BSE filing, the company said that chairman Anil Ambani's elder brother came to its rescue.
"My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply grateful and touched with this gesture."
The shares gained 40 paise over its previous close Rs 4, its biggest gain since 26 February. It is also the biggest gainer on BSE today.