Reliance Jio has emerged as the top bidder to acquire assets of insolvent Reliance Communications according to a PTI report. RCom assets have received bids of around ₹25,000 crore with Reliance Jio and UV Asset Reconstruction Company (UVARC). However, this amount is less than ₹49,000 crore demanded by RCom's creditors. RCom was forced to shut its wireless operations late 2017, hurt by mounting debt and widening losses amid intense competition in the telecom sector after Jio’s entry in September 2016. RCom shares hit upper circuit on Wednesday at ₹0.85 on both BSE and NSE.