The shares of Reliance Communications came down

Discussion in 'Off-Topic Discussion' started by Sujan Azad Parikh, Feb 4, 2019.

  1. Sujan Azad Parikh

    Sujan Azad Parikh Member

    May 21, 2018
    Likes Received:
    The shares of Reliance Communications, a company owned by Anil Ambani, came down heavily. The company's shares plunged by 50 percent and reached record low levels.

    On failure to sell properties, Reliance decided to file an application for insolvency and bankruptcy in NCLT, on the other hand, telecom equipment company Ericsson filed a petition in the Supreme Court and is claiming the entire private property of RCom chairman Anil Ambani.

    Anil Ambani-led company's board of directors reviewed the debt settlement plan on Friday. The Board of Directors found that even after 18 months, the lenders have not got anything since the plans to sell the properties. The statement said, "On the basis of this, the board of directors decided that the company would choose the solution for a faster solution through NCLT Mumbai. The Board of Directors believes that this step will be in the interest of all concerned parties.

    RCom's wireless business also stalled due to the disruption in the telecom sector due to the entry of big brother Mukesh Ambani's new company Reliance Jio. By March 2017, the banks had outstanding over $ 7 billion.

    Rcom shares fell 54.3 percent on Monday and the share price for one share was Rs 5.3. RCom's shares have broken 19.4 percent this year. RCom's 12 million shares are sold by investors in the first 45 minutes of the start of business. There was some improvement at 12:15 pm and the company's stock was trading at around 36 percent of the decline on Sensex and Nifty.