RCom shares take more beating, fall nearly 7%
TIMESOFINDIA.COM | Feb 7, 2019, 11:02 ISTHighlights
- RCom stock had recovered on Wednesday after three-days of sharp fall, ending nearly 2 per cent higher
- On Monday, the shares of the company had closed nearly 35 per cent lower and fell by another 28.5 per cent the next day after the company decided to opt for insolvency proceedings
(Representative image)NEW DELHI: Shares of Reliance Communications (RCom) dropped nearly 7 per cent on Thursday due to selling pressure. RCom shares were trading 6.93 per cent lower to Rs 5.10 on BSE in early trade, while the stock plunged 6.36 per cent to Rs 5.15 on the NSE index.
RCom stock had recovered on Wednesday after three-days of sharp fall, ending nearly 2 per cent higher. On Monday, the shares of the company had closed nearly 35 per cent lower and fell by another 28.5 per cent the next day after the company decided to opt for insolvency proceedings.
"RCom board of directors decides upon implementation of debt resolution plans through NCLT framework," the company had said in a statement.
It is estimated that the Anil Ambani-led company has been reeling under a debt of over Rs 46,000 crore.
On February 1, RCom's board reviewed the progress of the company's debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.
The board noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway, the statement said.
"Accordingly, the board decided that the company will seek fast-track resolution through NCLT, Mumbai. The board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," the statement said.
(With PTI inputs)
RCom stock had recovered on Wednesday after three-days of sharp fall, ending nearly 2 per cent higher. On Monday, the shares of the company had closed nearly 35 per cent lower and fell by another 28.5 per cent the next day after the company decided to opt for insolvency proceedings.
"RCom board of directors decides upon implementation of debt resolution plans through NCLT framework," the company had said in a statement.
It is estimated that the Anil Ambani-led company has been reeling under a debt of over Rs 46,000 crore.
On February 1, RCom's board reviewed the progress of the company's debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.
The board noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway, the statement said.
"Accordingly, the board decided that the company will seek fast-track resolution through NCLT, Mumbai. The board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," the statement said.
(With PTI inputs)
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