ADAG stocks surge after RCom clears Ericsson’s dues

Shares of Anil Ambani led Reliance ADAG Group companies surged upto 10 per cent in Tuesday’s morning trading session after Reliance CommunicationsNSE 10.00 % completed paying Swedish telecom gear maker Ericsson nearly Rs 580 crore, thereby ensuring telco’s chairman Anil Ambani does not go to jail.

“With Monday’s payment of Rs 462 crore, the debt-laden telco ends its 18-month long battle with Ericsson which had claimed dues for its maintenance services,” ET reported.

“Ericsson has received the payment along with up-to-date interest and it will accordingly be withdrawing the petitions filed for insolvency,” said senior advocate Anil Kher who has been representing the equipment maker.