RCOM shares jump on tower asset sale buzz

The shares of Reliance Communications (RCOM) have jumped in a lackluster market after media reports suggested that American Tower Corporation (ATC) is the highest bidder for the ADAG company's telecom tower assets.



The stock closed at Rs. 99, up Rs8.50 or 9%.. The stock has hit a high of Rs. 100 and a low of Rs. 90.

Total traded quantity on the counter stood at over 97.31 lakh shares.

According to reports, bidders are seeking significant discount for RCOM's tower arm. Four bidders have evaluated RCOM's telecom tower assets, the reports added