Brokers say the stock’s parabolic advance is likely driven by speculators, rather than by a change in the company’s fortunes.
On the BSE, Reliance Communications's shares rose 4.55 per cent to 69 paise apiece.
Reliance Communications had posted a consolidated loss of Rs 30,142 crore for the September 2019 quarter.
Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have also resigned from positions of directors.
Reasons for withdrawal of the offer documents have not been disclosed.
Ambani said the group has over 60,000 crore of receivables stuck in regulatory and arbitration matters, which are pending for 5-10 years.
The entire RNAM stake monetisation proceeds will be utilised to reduce Reliance Capital's outstanding debt.
The former billionaire's RCom itself fell back into bankruptcy earlier this year.
The bankruptcy tribunal will consider putting Reliance Naval & Engineering Ltd. in bankruptcy on Wednesday.
RCom lenders have claimed dues of around Rs 49,000 crore on the company till May 2019.