Shares of Reliance Communications fell by 3 % today after equipment maker Ericsson filed petition against the company under the insolvency and bankruptcy code for recovery of about Rs 1,155 crore.
The stock opened lower and fell further 2.98 % to ₹ 21.15 on BSE.
At NSE, shares of the company dropped 2.98 % to ₹ 21.10.
Reliance Communications on Wednesday had said that it will challenge Ericsson’s petition.
“We wish to inform you that Ericsson India Private Limited (Ericsson), an unsecured operational creditor, has filed petition under IBC provisions against the company. in...
National Company Law Tribunal, Mumbai Bench (NCLT)... for recovery of an amount of ₹ 491.41 crore,” RCom said in a BSE filing.
Ericsson has also filed similar petitions against RCom subsidiaries, Reliance Infratel and Reliance Telecom, for recovery of ₹534.75 crore and ₹ 129.34 crore, respectively, the filing added.
The debt—ridden telecom operator has been given time till December 31 by the lenders to service its debt obligation.