New Delhi, April 7 -- Shares of Reliance Communications (RCom), a penny stock trading below Rs.1, were locked in the 5% upper circuit in Tuesday's trade on April 6, reaching Rs.0.90 apiece, following a key company update. The company today announced its quarterly disclosure of defaults on interest payments and repayment of principal on loans from banks, financial institutions, and unlisted debt securities.

Tuesday's rally marked the fourth straight day of gains, taking the four-day cumulative gain to 18.42%, even as the broader market remained under severe volatility.

Despite the renewed interest in the stock, RCom continues to remain under stress due to its debt-laden balance sheet and ongoing insolvency proceedings. In late February, ...