Reliance Infra Hits Upper Circuit Limit

New Delhi: Shares of Reliance Infrastructure Ltd soared 20 per cent on Wednesday as the Anil Ambani-led firm slashed its standalone debt by 87 per cent to Rs475 crore after clearing outstanding dues of LIC, ICICI Bank and other lenders.

The stock jumped 19.99 per cent to settle at Rs282.75, its upper circuit limit, on the BSE. At the NSE, shares of the firm surged 20 per cent to hit the highest trading permissible limit for the day at Rs 282.73. The company’s market valuation climbed Rs1,865.78 crore to Rs11,200.61 crore. In stock exchange filings and press statements, Reliance Infrastructure said its standalone external debt has reduced from Rs3,831 crore to Rs475 crore.