RCom Locked In Upper Circuit For 4th Consecutive Session

Shares of Reliance Communications continued to hold on to upper circuit for fourth straight session on Tuesday after the company received three resolution plans from different firms. On the BSE, the stock rose 4.34 percent to 72 paise, hitting its upper circuit limit.

In the last six trading sessions, the scrip has gained more than 24 percent on the BSE. Similarly, the stock advanced 6.25 percent to 85 paise on the NSE and settled on the same.

In terms of volume, 1.37 lakh shares were traded on the BSE, while 39 lakh shares changed hands on the NSE. The debt-ridden company on Monday received three resolutions plans from VFSI Holdings Pte, Bharti Airtel Ltd, and UV Asset Reconstruction Company.

“Three resolution plans were received by the resolution professional of Reliance Communications Ltd (‘Corporate Debtor’) on 25th November, 2019 in accordance with Section 30 of the Insolvency and Bankruptcy Code, 2016 (‘Code’), from the following entities/ consortium: VFSI Holdings Pte Ltd, Bharti Airtel Ltd, UV Asset Reconstruction Company,” Reliance Communications said in a regulatory filing.―Devdiscourse