RCom shares recover; group firms too gain after recent hammering

Shares of Reliance Communications and other group companies bounced back Friday, surging up to 11.2 per cent after the recent hammering.

RCom shares gained 4.82 per cent to close at Rs 5.44 on the BSE. Intra-day, it surged 6.93 per cent to Rs 5.55.

At the NSE, the stock rose by 4.80 per cent to settle at Rs 5.45.

Other group shares too gained, where Reliance Capital zoomed 11.23 per cent, Reliance Power advanced by 9.55 per cent, Reliance Infrastructure gained 6.54 per cent and Reliance Naval and Engineering 5.78 per cent on the BSE.

Reliance Communications had, however, recovered Wednesday after three days of sharp fall.

 

Shares of Reliance Communications fell Thursday by over 6 per cent, with group companies also tumbling.

On Monday, RCom stock ended nearly 35 per cent lower and fell by another 28.5 per cent the next day after the company decided to opt for insolvency proceedings.

Meanwhile, Anil Ambani-led Reliance Group Friday accused L&T and Edelweiss entities of "illegal" and "motivated" actions in invoking the pledged shares and selling them in open market causing a steep fall in its share value.

A few NBFCs, "substantially L&T Finance and certain entities of Edelweiss Group, have invoked pledge of listed shares of Reliance Group and made open market sales of the value of approximately Rs 400 crore from February 4 to 7," the group said in a statement.

"The illegal, motivated and wholly unjustified action by the above two groups has precipitated a fall of Rs 13,000 crore, an unprecedented nearly 55 per cent, in market capitalisation of Reliance Group over just these four short days," it noted.

Further, the group said that Reliance Capital, Reliance Infrastructure and Reliance Power as well as their various subsidiaries are performing satisfactorily on all operating parameters, and there is no change whatsoever on any aspect as compared to the position prevailing prior to these sales.

The statement was issued during market hours.