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Reliance Communications Soars on Plan to Swap Debt to Equity

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Reliance Communications Ltd. shares surged the most in more than two months after the phone operator announced plans to sell down assets and offered to convert debt into a majority stake in the company.

The stock rose as much as 16 percent in Mumbai and closed 8.6 percent higher at 17.10 rupees on Tuesday. Trading volumes were more than four times the three-month full-day average, data compiled by Bloomberg show.