Mumbai: Shares of Anil Ambani Group firm Reliance Communications today plunged over four per cent on the Bombay Stock Exchange, amid reports that it is looking to bid for South African telecom group MTN.

The scrip today touched an intra-day low of Rs 556.50, down 4.17 per cent as against Wednesday's close of Rs 579.75 on the BSE.

The shares were trading at Rs 561, down 3.23 per cent in the afternoon trade at the bourse. Reacting to the media reports Reliance Communication said in a filing to the stock exchange that it has substantial international operations and has recently acquired telecom licenses in Uganda.

"The company continuously evaluates various growth opportunities globally, both organic and inorganic, on an ongoing basis, " the filing stated.

Media reports had quoted a top investment banker saying that RCOM was exploring the possibility of a leveraged buyout for acquiring MTN. Vodafone and China Mobile are supposed to be the other contenders.

MTN's board is scheduled to meet on May 5 to evaluate options, including inviting bids for management control.

Last week, there were reports that telecom major Bharti Airtel was considering to bid for MTN as well.

However, Bharti Airtel Chairman Sunil Bharti Mittal had said that the speculation was unwarranted, from the company's point of view and it looks at any opportunity that comes to them.

"At the moment there is nothing that we can report, " Mittal had added.

Shares of Bharti Airtel today touched an intra-day low of Rs 889.15 as against Wednesday's close of Rs 898.80. It was trading at Rs 898.90, up 0.01 per cent in the afternoon trade at the BSE.

Source : PTI