RCom, RIL shares plunge nearly 2 pc

MUMBAI: Both Reliance Communications and Reliance Industries today closed lower in the range of 1-2 per cent on the Bombay Stock Exchange ahead of the 45-day exclusive talks between the ADA Group firm and South African telecom entity MTN ending today.

Reliance Industries settled at Rs 1,978.60, down 2.44 per cent from yesterday's close. The scrip had touched intra-day high of Rs 2,015.

The scrip had dropped 4.78 per cent in the morning trade to touch a low of Rs 1,931.20.

Meanwhile, ADAG firm Reliance Communications closed at Rs 415.40, down 1.05 per cent from previous close.

During the day's trade, RCOM shares had plunged 5.90 per cent at Rs 395.05 over yesterday's close of Rs 419.80.

On May 26, RCOM had entered into a 45-day exclusivity agreement with MTN for possible alliance, which is estimated to create a 70-80 billion dollar worth entity.

However, RCOM-MTN talks have been hit by uncertainties ever since Mukesh Ambani-led RIL claimed right of first refusal in a majority stake in the Anil Ambani group firm.

RIL also threatened legal action if any deal with the South African firm breached its rights. However, these claims have been termed as "factually and legally untenable and misconceived" by RCOM.

The exclusivity talks are scheduled to end today, after which further clarification is expected on the matter.

Meanwhile, on the Johannesburg Stock Exchange, shares of MTN were trading flat at 129 rand in the afternoon trade.