RCom surges 45% after NCLT adjourns hearing of insolvency petition
Other ADAG stocks including Reliance Capital (up 6%), Reliance Power (up 6%) and Reliance Infrastructure (up 5%) also gained on the news LATEST NEWS : Reliance Communications (RCom) rose as much as 45% in intra-day trade today after the National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communicationsto early next month after a group of the telecom operator's lenders sought time to consider converting the company's loans into equity. The adjourned date comes as a breather for RCom as if the tribunal had accepted the insolvency petitions before December 28, by when the lenders need to decide on converting their RCom debt into equity, the process would have ended. RCom, which has shut its wireless business, started its strategic debt restructuring on June 2. Other ADAG stocks including Reliance Capital (up 6%), Reliance Power (up 6%) and Reliance Infrastructure (up 5%) also gained on the news. Earlier ...