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market | IST

Here's why Reliance Communications shares are up over 16% today

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Shares of Reliance Communications (RCom) surged more than 16 percent on Monday, touching an intraday high of Rs 16.80.

Shares of Reliance Communications (RCom) surged more than 16 percent on Monday, touching an intraday high of Rs 16.80.
The stock surged after Reliance Realty, the arm of Reliance Communications, furnished corporate guarantees of Rs 1,400 crore to the Department of Telecommunication, which was part of the Supreme Court (SC) order on Friday allowing Anil Ambani-controlled company to sell spectrum to Mukesh Ambani's Reliance Jio Infocomm. Read more on the story here
The stock has been gaining from the last two trading sessions and has risen nearly 30 percent during the period. On Friday, RCom shares ended 12 percent higher after the SC order. The share price of RCom has declined 51 percent in last 9 months.
RCom shares traded at Rs 16.55, higher by 16.14 percent on the NSE at 11.44 am. The benchmark Nifty traded flat at 10,877.85, up by 1 points, while the Sensex was up by 42 points or 0.12 percent, to trade at 36,236.
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Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.