Anil Ambani Group Company Shares Down; RCom Trades Higher By 5%

After the lenders rejected the resignation of Anil Ambani and 4 other directors, the shares of Anil Ambani led companies traded lower. Reliance company shares which declined in intraday deal on Monday include Reliance Capital, Reliance Infrastructure and Reliance Home Finance.

Anil Ambani Group Company Shares Down; RCom Trades Higher By 5%

Nonetheless, asset sale buzz lifted the share of Reliance Communication which were locked in upper circuit of Rs. 0.69 with a surge of 4.55% while on the NSE the stock is locked at a price of Rs. 0.80 per share.

The shares of RCom have rallied on the reports that there can a bid made for the assets of the debt ridden company by Bharti Airtel, RIL and 3 other companies. The last day to make the bids is November 25.

RCom is currently under the insolvency proceedings and the resolution professional has been tasked to complete the process by January 2020.

On November 20, the CoC gave their unanimous take on the resignation of five of the company directors including Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar.

RCom in its BSE filing said, "...it is being duly communicated to the aforesaid directors of RCom that their resignations have not been accepted and they are advised to continue to perform their duties and responsibilities as the directors of RCOM and provide all cooperation to Resolution Professional in the corporate insolvency resolution process".

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