New Delhi, June 4 -- Shares of Reliance Infrastructure surged sharply on Wednesday, June 4, climbing nearly 13 percent to touch a new 52-week high of Rs.385.90 in intra-day trading. The spike came after a significant legal relief from the National Company Law Appellate Tribunal (NCLAT), which suspended an earlier order passed by the National Company Law Tribunal (NCLT) that had admitted the company into insolvency proceedings.

The development brought cheer to investors, who saw the stock rally as a positive signal of business continuity and legal clarity for the Anil Ambani-led company.

In an exchange filing, Reliance Infrastructure confirmed that the NCLAT had stayed the insolvency order originally issued by the NCLT on May 30. The NCL...