RCom has moved NCLAT challenging the order of NCLT allowing a plea for its insolvency filed by Swedish telecom equipment major Ericsson.
Reliance Communications is in talks with Ericsson to reach a settlement outside of bankruptcy court over unpaid service dues, sources said.
The broader NSE Nifty was down 0.47 percent at 10,633 as of 0721 GMT (1251 IST), while the benchmark BSE Sensex was 0.49 percent lower at 35,977.89.
Some estimates peg the number of job losses in the sector, which has been passing through choppy waters after the launch of the aggressive offerings by the deep-pocketed Reliance Jio, at over 90,000.
Shares of RCom bounced back sharply, skyrocketing nearly 57 per cent amid reports of settlement talks with Ericsson.
The stock fell sharply by 15.26 per cent to end at Rs 10.55 on BSE. Intra-day, it dropped 20 per cent to Rs 9.95.
Clearing the decks for the complete asset sales of Reliance Communications, the National Company Law Appellate Tribunal vacated stay on its tower and fiber asset sale.
Bags EPC packages of Purvanchal Expressway in Uttar pradesh of Rs 1738 Cr
Approved buyback of 29 Lk shares amounting Rs 200.2 Cr
Tamil Nadu Pollution Control Board ordered disconnection of electricity
Disconnection is applicable for copper smelter unit-I at Thoothukudi district
Order requires closure of unit with immediate effect
Thoothukudi copper smelter unit has not been operating since Mar 27
Launched Silver Options, Total Traded Contract Value at Rs 34.36 Cr
Option Positions are physically settled & are European Style Options
Enters into merger talks with NSE For Universal Exchange Framework: Business Standard Reports
R Damani sells 0.8% Stake at Rs 1360.2/Sh
Deal Value at Rs 643 Cr