Despite weak market, Reliance Communications scrip ends higher

Despite weak market, Reliance Communications scrip ends higher

Mumbai, June 7: Bucking the general gloomy trend, the shares of Reliance Communications closed significantly higher on Indian bourses on Monday, a day after its board approved a 26 per cent equity sale to a strategic investor. The shares of the telecom major, led by billionaire industrialist Anil Ambani, which had closed at Rs.168.15 on Friday, ended on Monday at Rs.175.90, up 4.61 per cent. It had touched the day’s high of Rs.179 at one point, but shed ground due to profit taking.

This was the only scrip, apart from ACC, among the 30 stocks of the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) that ended in the green. ACC ended 0.91 percent higher at Rs.848.50. In sharp contrast, the Sensex had a provisional ending at 16,781.07 points, down 336.62 points, or 1.97 per cent, over the previous close at 17,117.69 points, data with the exchange showed.