Mumbai: Shares of Anil Ambani led-Reliance Communication gained over 4% on 21 July — the first trading session after its talks collapsed with South African telecom major MTN for a possible amalgamation deal.
The scrip surged to an intra-day high of Rs454.85, up 4.51% in the morning trade on the BSE. The scrip was trading at Rs452.25, up 3.92% in afternoon trade on the bourse.
About 13.32 lakh shares of RCom had changed hands on the bourses till afternoon trade.
Shares of Reliance Industries was trading at Rs2,112, down 0.03%, while as many as 4.36 lakh shares of the company had changed hands in the afternoon trade.
On the Johannesburg Stock Exchange, MTN shares had closed down 75 rand at 133.25 rand on Friday last week.
Last week, the RCom-MTN deal which could create a $70 billion entity fell apart as both sides confirmed they would not be able to conclude the transaction, a day after the Mukesh Ambani initiated the arbitration process against his younger brother.
On 19 July, in another significant move AAA Communications, a private company of Anil Ambani that holds 63.38% equity in RCom, wrote to RIL claiming it was “free to and shall deal with RCom shares as it deems fit.”