Shares of Anil Ambani led Reliance ADAG Group companies surged upto 10 per cent in Tuesday's morning trading session after Reliance Communications completed paying Swedish telecom gear maker Ericsson nearly Rs 580 crore, thereby ensuring telcos chairman Anil Ambani does not go to jail.
"With Mondays 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.
Shares of Reliance Communications were up 10 per cent and that of Reliance Naval and Engineering went up 4.99 per cent.
Reliance Power (up 4.81 per cent) and Reliance Capital (up 4.64 per cent) were also trading in the green.
Reliance Infrastructure, on the other hand, was trading 4.95 per cent down."Reliance Communications terminated its asset sale plan with Reliance Jio Infocomm (Jio), blaming lack of consent from its lenders and permissions from telecom department for the deal fall out among other reasons," the report added.