(Corrects headline, Reliance gains on media report of sale deal)
MUMBAI, Jan 25 (Reuters) - Shares in Reliance Communications Ltd gained on Friday after The Economic Times newspaper reported the company was in talks to sell a stake in its mobile tower unit to Reliance Industries Ltd.
The Economic Times reported the deal could involve Reliance Industries' unit Reliance Infotel buying a stake in Reliance Communications' unit Reliance Infratel, citing two people close to the negotiations.
The newspaper also reported talks involved a leasing arrangement between the two units.
Reliance Communications shares had slumped 9.14 percent on Thursday after posting a sharper-than-expected fall in its October-December quarter.
Shares in Reliance Communications were up 2.9 percent as of 0403 GMT. Reliance Industries shares were down 0.8 percent.
(Reporting by Manoj Dharra; Editing by Michael Perry)