RCOM zooms as Sensex tanks | business | Hindustan Times
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RCOM zooms as Sensex tanks

business Updated: Jun 07, 2010 22:12 IST

Hindustan Times
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Amid talk of a strategic stake sale at a premium, shares of RCom bucked the markets on Monday as they rose by 4.6 per cent to close at Rs 175.9 even as the BSE's benchmark Sensex fell 336 points or 2 per cent to close at 16,781.

While the Sensex fell sharply in line with US markets on Friday, followed by a weakness in the Asian markets on Monday following fears of a Greece-like crisis in Hungary and a sluggish economic recovery in the US, RCom sustained a bullish spell.

The company’s share price has surged by 26 per cent over the past four trading sessions on the news of its stake sale, for which the contenders include Etisalat and AT&T. The company’s board at the weekend approved in principle a plan to induct a strategic investor with a stake of up to 26 per cent.