Reliance Communication’s shares witnessed a spike of 10 percent for the second day as the firm cleared the long-pending dues of Swedish telecom gear maker Ericsson.
The shares rose by 10 percent reaching INR 4.84 on the BSE and by 9 percent on NSE touching INR 4.80.
Billionaire Anil Ambani narrowly avoided a jail term as RCom cleared dues of Ericsson with the help of his elder brother Mukesh Ambani whom he thanked for extending support.
Debt ridden Reliance Communications made a payment of INR 550 core including interest to Ericsson a day before the expiration of Supreme Court deadline to clear dues or face a three-month jail term.
