RCom shares up 30% on Jio deal, surge 280% over last 3 weeks
Shares of Anil Ambani-led Reliance Communications (RCom) surged nearly 30% during intraday trade on Friday, after Mukesh Ambani's Reliance Jio said it will acquire RCom's wireless infrastructure assets. RCom shares have surged over 280% over the last three weeks. RCom said the proceeds of this deal will be used solely for pre-payment of debt to its lenders.