ADAG shares gain after Reliance Communications pays Ericsson dues

Shares of Anil Dhirubhai Ambani Group (ADAG) companies were trading higher with Reliance Communications (RCom) hitting upper circuit of 10 per cent at Rs 4.40 on the BSE after the company cleared the entire dues to Ericsson India to purge the contempt of a Supreme Court order.

The trading volumes on RCom counter more than tripled with a combined 100 million equity shares changing hands on the NSE and BSE till 09:32 am. There were a combined pending buy orders for 15 million shares on both the exchanges.

“The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Hon’ble Supreme Court,” RCom said in a press release on Monday after market hours.