RCOM stocks continue upsurge on debt reduction announcement

Mumbai, Dec 27: Shares of Reliance Communications (RCOM) on Wednesday continued to surge a day after Reliance Group's Chairman Anil Ambani announced plans to reduce the company's debt by Rs 25,000 crore to Rs 6,000 crore.

Around 1.40 p.m., RCOM stocks traded higher by 34.97 per cent at Rs 28.79 per share.

The scrip has touched a high of Rs 28.67 on an intra-day basis.

On Tuesday, the stock closed almost 30 per cent higher at Rs 21.33 per share after Ambani said the company has achieved full resolution of RCOM's debt restructuring while addressing a press conference.

RCOM had close to Rs 45,000 crore debt on its books in October 2017, Ambani said.

The Reliance Group Chairman said the company would close all the transactions by January-March 2018. He said the debt would be recast by remonetisation with zero write-off to lenders and bankers.

For RCOM, repaying its debt was not just about business but a moral imperative, Ambani said while replying to a question.