NEW DELHI: Shares of Reliance Communications (RCom) fell over 4 per cent to hit a fresh 52-week low in Thursday's trade after the ET reported that the operator was shutting down its 2G business.

ET report suggested that the incumbent was closing major parts of its wireless business in the next 30 days to cut widening losses, blaming, among other factors, the “creative destruction“ wrought by Reliance Jio's free voice services. The shakeout in the sector has led to just three big non-state companies remaining in the fray, aside from the government-run telcos.

The stock, which had fallen 3.24 per cent on Wednesday, fell another 4.55 per cent to Rs 15.70 on BSE. This was the third day of losing streak for the stock.

The report suggested that the tower business will remain operational since it is bringing in business with its tenacities with Jio and other private operators, he said. RCom is in talks to sell its stake in its tower unit to Canada's Brookfield.

"We stand at a situation where we need to call it a day on our wireless business and this would bring the curtains down on our wireless business 30 days from now. And as a result, we tried whatever means to sustain and put oxygen in the business but we will not be able to sustain the business beyond 30 days from now," Gurdeep Singh, executive director of Reliance Telecom, who was also the CEO and co-CEO of the mobility business, is believed to have told employees Tuesday, according to an audio recording of the speech available with ET.

ET couldn't independently verify the authenticity of the audio recording. RCom didn't immediately respond to detailed emailed queries on the matter.