RComm shares extend gains after Ambani bros deal

Mumbai: Shares in Reliance Communications extended gains on Wednesday, a day after announcing a fiber optic network sharing deal with Reliance Jio Infocomm, a unit of Reliance Industries, which is widely seen as benefiting both companies.

Under the deal, Reliance Industries Ltd, controlled by Mukesh Ambani, will pay Rs 12 billion to younger brother Anil Ambani's Reliance Communications Ltd for use of its fiber optic network.

Reliance Communications shares gained nearly 6 per cent as of 9:28 am.