RCom pares morning gains, falls 4% post a 25% rise

Reliance Communications (RCom) pared morning gains to fall over 4% after BSE sought clarification from the company on a nes article titled "NCLT rejects RCom's plea for stay on insolvency order".

Shares of the company had rallied 25% to Rs 20.65 per share on the BSE in early morning trade, surging 108% from its Wednesday’s intra-day low of Rs 9.95 after a media report suggested that the Anil Ambani-led telecom services company and Ericsson inform National Company Law Tribunal (NCLT) in Mumbai that they are in settlement talks.

“The Company is on the captioned subject and wish to inform you that the Company cannot comment on changes in volume and price in the stock market. Appropriate disclosures will be made in accordance with applicable regulations, as and when any disclosable event occurs,” RCom said on clarification with reference to news appeared on ET NOW dated May 17, 2018 quoting " RCom, Ericsson inform NCLT that they are in settlement talks- Rcom, Ericsson request NCLT to keep insolvency order in abeyance"