Reliance Communications Surges 12% as Supreme Court Clears Spectrum Sale to JIO

Reliance Communications shares gained 12% higher on Friday after the company got the relief from the Supreme Court for sale of Reliance JIO Infocomm assets. Supreme Court has finally cleared the path for spectrum sale to JIO from Reliance Communications, reported CNBC-TV18.

The Supreme Court (SC) directs the company to furnish the corporate guarantee of INR 1,400 Cr. to DoT (Department of Telecommunications) within just 2 days through Reliance Realty. DoT to issue No Objection Certificate (NOC) for company spectrum sale in a week after getting the corporate guarantee.

The Reliance Communications share price declined around 51% in just last 9 months. At 03:59 PM, 30 November 2018, the share price of Reliance Communications was quoting INR 14.25 up INR 1.50 or 11.76% on the NSE.

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