Reliance Comm shares extend gains on media report of stake sale

MUMBAI Fri Jan 25, 2013 2:28pm IST

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MUMBAI Jan 25 (Reuters) - Shares in Reliance Communications Ltd extended gains to as much as 7.9 percent on Friday after The Economic Times newspaper reported the company was in talks to sell a stake in its mobile tower unit to Reliance Industries Ltd.

Reliance Communications shares were up 7.4 percent as of 0857 GMT, nearly recovering its 9.14 percent fall on Thursday sparked by a sharper-than-expected fall in its October-December quarter.

The Economic Times reported Reliance Communications was in talks over a stake sale in Reliance Infratel to a unit of Reliance Industries, as well as leasing arrangement for mobile towers, citing two people close to the negotiations. (abhishek.vishnoi@thomsonreuters.com)

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