Reliance Infrastructure Slashes Debt, Shares Surge 20%

Shares of Reliance Infrastructure Ltd soared 20% after the company reduced its standalone debt by 87% to Rs 475 crore. The firm's market valuation increased significantly, and it resolved dues with major lenders, including Life Insurance Corporation of India and ICICI Bank.

Shares of Reliance Infrastructure Ltd surged by 20% on Wednesday as the Anil Ambani-led firm reduced its standalone debt by 87% to Rs 475 crore after clearing dues to Life Insurance Corporation of India, ICICI Bank, and other lenders.

The stock price climbed 19.99% to close at Rs 282.75 on the BSE, hitting its upper circuit limit. On the NSE, shares rose 20% to hit the maximum permissible limit for the day, trading at Rs 282.73.

The company's market valuation increased by Rs 1,865.78 crore, reaching Rs 11,200.61 crore. Reliance Infrastructure announced that its standalone external debt reduced dramatically from Rs 3,831 crore to Rs 475 crore, boosting its net worth to Rs 9,041 crore.

(With inputs from agencies.)