Reliance Communications rallies after multiple block deals

Shares of Reliance Communications have moved higher by 8% to Rs 62.95, bouncing back 11% from intra-day low on the BSE after multiple block deals were executed in the counter.

At 1208 hours, around 42.45 million shares have changed hands at price of Rs 58.35 on the BSE, the exchange data shows.

The name of buyers and sellers are not ascertained immediately.

Meanwhile, the trading volumes on the counter jumped more than 10-fold. Till 1306 hours, a combined 61.03 million shares representing 2.5% of total equity of the company changed hands on the BSE and NSE.

The stock opened at Rs 57.90 and touched a low of Rs 56.80 on the BSE.

Reliance Power (up 4% at Rs 46.85), Reliance Infrastructure (3% at Rs 389) and Reliance Capital (2% at Rs 317) from the Anil Dhirubhai Ambani Group (ADAG) were trading higher in otherwise subdued market. The S&P BSE Sensex was down 0.44% or 120 points at 27,776.

Reliance Communications (RCOM)