Reliance Communications gets go-ahead for nationwide GSM mobile services
19 Oct 2007
Anil Ambani group company
Reliance Communications (RCom) has received the approval of the Department of
Telecom (DoT) to provide GSM mobile services on a nationwide basis.
RCom had approached DoT last year seeking spectrum to start GSM-based mobile services in all circles other than the eight in the eastern region where the company already has GSM operations.
The
company''s stock hit a high of Rs748.80 on the news, but also sank to a low of
Rs691 during highly volatile intra-day trading on the sinking stock markets. The
stock had earlier hit a lifetime high of Rs797 on 18 October.