RComm falls after Bharti signs pact with Reliance Jio

Shares in Reliance Communications fell as much as 5 percent after Reliance Industries' telecom unit, Reliance Jio Infocomm, and Bharti Airtel entered into an agreement for international data connectivity.

"Tie-up with Bharti means Reliance is open to players other than Reliance Comm as well, which decreases the probability of further deals between Reliance Communications and Reliance Industries," said G Chokkalingam, executive director & chief investment officer, Centrum Wealth Management.

The Anil Ambani-controlled Reliance Communications has gained 76.8 percent in April as of Monday's close, on hopes that the company will extend its pact with brother Mukesh Ambani-controlled Reliance Industries.

Earlier this month, the two companies signed a pact which would allow Reliance Jio to use the fibre optic network of Reliance Communications, signalling the first sign of thaw in relation between the estranged brothers.

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