Anil Ambani House
December 6, 2010 by staff
Anil Ambani House, After reaching a record high down, shares of Reliance Communications broken five days losing streak to settle more than three per cent on the BSE, led by buying at lower levels of recovery amid the broader market.
Shares of Anil Ambani-led telecommunications major open day on a weak note, but quickly erased losses and managed to close 3.41 per cent to Rs 132.05 on the Bombay Stock Exchange.
Certificates that had fallen 14.46 percent over the last five trading sessions, today delivered 3.64 percent to hit a bit of all time during the session.
But the continuing decline in the counter has the attractive valuation for investors, leading to the recovery of the stock, says an expert.
RCOM share saw a similar rally on the National Stock Exchange, and ended at Rs 131.20, up 3.5 percent from previous close. In volume terms, more than 87.5 lakh shares of the company were traded on the bourses.
Meanwhile, the benchmark 30-share Sensex also reduced its losses in the morning and settled at 19,521.25, up 116.15 points from previous close.
RCOM, which is facing allegations under the row of 2G spectrum, witnessed another blow yesterday when the Supreme Court has upheld the imposition of the maximum penalty by BSNL on society. He was accused of routing international calls via the network of the telecommunications company owned by the state as local connections, handling the calling line (CLI), thus avoiding the payment of higher charges to BSNL.
Moreover, the government said yesterday it will ask the Ministry of General Affairs to investigate allegations of CAG Swan Telecom, which obtained licenses and spectrum in 2008, acted as a front company Anil Ambani-led RCOM.
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