Anil Ambani Group firm Reliance Communications on Monday witnessed over five per cent fall in its shares amid the company's announcement that it has entered into exclusive negotiations with South African telecom firm MTN.
The company on Monday made another announcement that its subsidiary Globalcom has entered into an agreement to acquire UK-based global managed network services Vanco Group for Rs 327 crore.
The scrip plunged to an intra-day low of Rs 539.65, plunging 5.72 per cent and was trading at Rs 545.55, down 4.67 per cent on the BSE in the afternoon trade. A total of 12.84 lakh equity shares had changed hands by late afternoon on the bourse.
In a filing to the stock exchanges Reliance Communication said that it has agreed to enter into exclusive negotiations with MTN Group for a period of up to 45 days with respect to a potential combination of their businesses.
Meanwhile, shares of Bharti Airtel, which had last week pulled out of talks with MTN, gained over four per cent on Monday and has touched an intra-day high of Rs 872 against Friday's close of Rs 836.80 on the BSE.