Ever since it emerged that Reliance Communications’ (RCom) board approved a move to dilute 26% stake in the company, the fortunes of the company have gained a positive traction in the stock exchanges.
On Monday the company’s stock rose by 4.61% at Rs.175.9 in BSE and by 4.78% at Rs.176.6 in NSE. The valuation of the company thereby rocketed by Rs.1,599.73 crore in a single day itself to Rs.36,306.23 crore.
This is remarkable because overall shares at BSE plunged 336.62 points or by 1.97%.
Etisalat, MTN and now USA-based AT&T are reported to be in talks with RCom for strategic investment. However the speculated companies have not openly acknowledged such talks. AT&T and MTN have in fact denied any involvement in such a proposed deal.