MUMBAI: Shares of Anil Ambani-led Reliance Communications on Monday declined 1.52 per cent, while Mukesh Ambani's Reliance Industries rose nearly one per cent on Bombay Stock Exchange amid the ongoing tussle between the two brothers.
Reliance Communications, which is in exclusive talks with South African telecom major MTN for an alliance, declined over 2.32 per cent over its previous close and witnessed an intra-day low of Rs 531. At the end of Monday's trading, RCom stood at Rs 535.10, down 1.52 per cent and over 11.17 lakh shares exchanged hands on the Bombay Stock Exchange.
"Sentimentally, the proposed deal has a negative impact in short-term, besides the financial structure of the deal is not clear yet," Asika Brokers' Research head Paras Bodhra said, adding the alliance would be EPS accretive in the long run."
Earlier in the morning trade, the RCOM opened on a firm note at Rs 545, and jumped as much as 1.16 per cent over its previous close.
SMC Global Vice President Rajesh Jain said the impact of the tussle between the two brothers on shares is only for short-term and attributed decline in RCom to market trends.
"The psychological impact of the present war of wards is only temporary and the decline is largely due to the bearish trend in the market," Jain said.
On the other hand, RIL settled the day at Rs 2,284.85, up 0.73 per cent on BSE. It witnessed an intra-day high of Rs 2,317.70 and a low of Rs 2,262 and as many as 8.52 lakh shares exchanged hands on the BSE.
The Anil Ambani group on Sunday thrashed Mukesh Ambani- led Reliance Industries' claim of first right of refusal Reliance Communications by quoting a decision of the Union Cabinet.
