RCom slips 2% as Ericsson files insolvency case

Up to Wednesday’s close, RCom stock had fallen about 36 per cent this year. NSEBSEReliance communicati…Loading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES Shares of mobile carrier Reliance Communications (RCom) slipped as much as 2.3 per cent in Thursday’s trading session as Ericsson India filed an insolvency case against the company and two of its units to recover unpaid dues, RCom said in a filing on Wednesday.

    Ericsson India is seeking a total of Rs 11,55 crore from RCom and its two units.

    Following this development, the scrip fell 2.3 per cent to Rs 21.25.

    RCom controlled by billionaire Anil Ambani, has got a got a seven-month loan reprieve from its lenders as it works on two asset sale deals that expects to reduce its $7 billion (around Rs 45,500 crore) debt by about 60 per cent

    Up to Wednesday’s close, RCom stock had fallen about 36 per cent this year.

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