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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.
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