Shares of Reliance Communications (RCom) today bounced back sharply, skyrocketing nearly 57 per cent amid reports of settlement talks with Ericsson.
The stock soared 56.87 per cent to end at Rs 16.55 on BSE. During the day, it jumped 69.66 per cent to Rs 17.90.
Led by the massive jump in the share price, the company's market valuation zoomed Rs 1,659.96 crore to Rs 4,576.96 crore.
BSE today sought clarification from RCom with reference to news that RCom, Ericsson have informed NCLT that they are in settlement talks.
Buying was also seen in other group stocks, with Reliance Naval and Engineering rising 33.07 per cent, Reliance Capital 4.64 per cent and Reliance Infrastructure 3.21 per cent on BSE.
Shares of RCom yesterday plunged nearly 16 per cent after NCLT admitted an insolvency petition filed by Ericsson against the company and two of its subsidiaries.