After falling as much as 18 percent in the previous trading session, shares of Reliance Communications rose 8.5 percent in the early trade on Thursday as investors hoped for a positive outcome from the company’s likely appeal to NCLAT (National Company Law Appellate Tribunal) against NCLT (National Company Law Tribunal) order.
CNBC-TV18 reported, quoting sources, that the firm is likely to move in appellate tribunal against NCLT order based on a plea by Ericsson.
The NCLT, had earlier this week, admitted an insolvency petition, filed by the Swedish communications equipment major, against Anil Ambani-run Reliance Communications and two of its subsidiaries seeking to recover Rs 1,150 crore.
Sistema Shyam Teleservices sold 1,54,13,395 shares of Reliance Communications and sold 2,76,50,000 shares on May 15 and May 16 respectively.
As on March 2018, Sistema Shyam was holding 13,78,62,453 equity shares (5 percent) in Reliance Comm.
At 09:40 hrs Reliance Communications was quoting at Rs 11.20, up Rs 0.65, or 6.16 percent on the BSE. –Money Control