RCom shares settled nearly six per cent up at Rs 440.95, after an intra-day rally of over nine per cent to as high as Rs 454, on the Bombay Stock Exchange.

At the same time, MTN shares also rose over one per cent to 129.9 rand (South African currency) in mid-day trade at the Johannesburg Stock Exchange.

The two companies this morning announced the extension of their exclusive negotiations till July 21, after the earlier 45-day exclusive period expired on Tuesday.

MTN shares had declined for the first time in four days on Tuesday amid uncertainly over the status of the exclusive talks, while RCom's had also fallen by over one per cent.

The deal has been hit with uncertainties ever since Mukesh Ambani-led RIL [Get Quote] threatened legal action against RCom and MTN if a potential deal between the two breached its right of first refusal in a majority stake in the Anil Ambani group firm. However, the Anil Ambani group has been contesting these claims, saying they are legally and factually untenable and misconceived.

After a fall of over two per cent, RIL shares also rose on Wednesday and settled over five per cent up at Rs 2079.95.

While announcing the extension to their exclusive talks, RCom and MTN on Wednesday also cautioned their shareholders in separate regulatory filings to exercise "caution" in trading the shares of the two companies until a further announcement was made in this regard. The two firms also said there was no certainty that the talks would result in a deal being signed.

The two companies had first announced start of a 45-day exclusivity period on May 26, which ended on Tuesday.