RComm shares fall over 3 pct after MTN denial

Shares in Reliance Communications dropped more than 3 percent today, after South Africa's MTN Group said it was not in talks with the Indian mobile carrier about a tie-up.

Shares in Reliance Communications dropped more than 3 percent on Friday, after South Africa's MTN Group said it was not in talks with the Indian mobile carrier about a tie-up.

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Reliance Communications shares were down 2.1 per cent at 161.05 rupees by 0344 GMT, having fallen as much as 3.3 percent earlier, while the main Mumbai market was down 0.3 per cent.

The shares in India's No. 2 mobile operator had risen 18 per cent in the last two days on newspaper reports the company was in talks with MTN for a possible merger and that it was also considering a stake sale.