New Delhi: On Monday, Reliance Communications shares tumbled after the company decided to go for insolvency proceedings following its failure to sell assets for paying back its lenders. Shares of the Anil Ambani-controlled company fell over 48% to an intraday low of Rs 6 on the Bombay Stock Exchange. On NSE, RCom shares fell down even more to Rs 5.30 as compared to its previous closing price of Rs 11.60 on Friday.
Selling was also visible in other companies of the group; Reliance Power cracked 29.22 per cent, Reliance Capital tanked 19.37 per cent while Reliance Infrastructure shares fell 16.51 per cent. Shares of Reliance Naval and Engineering also plunged 13.70 per cent on the BSE
The company said in a statement Friday that "RCom board of directors decides upon implementation of debt resolution plans through NCLT framework," .Worth mentioning here is that RCom has a total debt of around Rs 46,000 crore on its books. The Anil Ambani-controlled company said in a statement as "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,"
While on Friday the board of directors of RCom 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.
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