RCom to sell wireless business to Reliance Jio; stock hits 52-week high

The stock hit a 52-week high of Rs 41.77 on the BSE in early morning trade, appreciating 156% in past four trading days from Rs 16.31 on December 22, 2017.

Shares of Anil Ambani-owned Reliance Communications (RCom) zoomed 35% to Rs 41.77, also its 52-week high on the BSE in early morning trade after Mukesh Ambani-led Reliance Jio said it will acquire RCom's mobile business assets including spectrum, mobile towers and optical fibre network of the company. On the National Stock Exchange (NSE), the stock rallied 30% to Rs 40.15 in intra-day trade.

"Reliance Jio Infocomm, a subsidiary of Reliance Industries Limited, today announced signing of definitive agreement for the acquisition of specified assets of Reliance Communications Limited and its affiliates," Reliance Jio said in a statement.

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