RCom gains 7% after Co files appeal before NCLAT against NCLT order

Share price of Reliance Communications added 7.5 percent intraday Tuesday as company appealed before NCLAT against NCLT order.

The company with its two subsidiaries Reliance Telecom and Reliance Infratel today filed appeals before the NCLAT (Honble National Company Law Appellate Tribunal) challenging and praying to stay the order of the NCLT (Honble National Company Law Tribunal), whereby Ericsson applications had been allowed to be admitted for debt resolution under the NCLT Insolvency and Bankruptcy Code (IBC) process.

Last week NCLT had admitted the petition filed by Ericsson.

Ericsson is looking to recover dues of around Rs 1,150 crore from Reliance Communications and two of its subsidiaries.

On May 21, Sistema Shyam Teleservices sold 2,50,00,000 shares of Reliance Comm at Rs 14.36 on the NSE.

At 11:40 hrs Reliance Communications was quoting at Rs 13.45, up Rs 0.05, or 0.37 percent on the BSE.

Share price has declined by nearly 55 percent in the last one year.

Posted by Rakesh Patil

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