New Delhi: Shares of Reliance Communications garnered heavy demand, surging nearly 36 percent, in an otherwise sluggish broader market on Wednesday.
The sharp rise in the stock came amid reports that the National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communications to early next month.
The stock zoomed 35.24 percent to close at Rs 17.27 on BSE helped by fag-end buying. During the day, it rose sharply by 44.94 percent to Rs 18.51.
At NSE, shares of the company rose 35.68 percent to end at Rs 17.30.
In terms of equity volume, 370.98 lakh shares of the company were traded on BSE and over 26 crore shares changed hands at NSE during the day.
The company’s market valuation rose by Rs 767.47 crore to Rs 4,298.47 crore.
Buying was also seen in other Reliance group stocks, with Reliance Naval and Engineering surging 10.67 percent, Reliance Capital soaring 7.14 percent, Reliance Power (6.89 percent), Reliance Infra (5.21 percent) and Reliance Nippon Life Asset Management (1.07 percent) on BSE.
In the stock market, the Sensex fell by 59.36 points to end at 33,777.38.
RCom is facing insolvency proceedings filed by lenders such as China Development Bank and Ericsson India before NCLT for recovery of dues.