Reliance Communications, the telecom operator controlled by billionaire Mukesh Ambani brother failed to pay a coupon on its 2020 dollar notes before the expiry of a grace period, according to reports.
It’s India’s most high-profile default on international debt since the Insolvency and Bankruptcy Code was passed in May 2016.
The company’s shares fell to record low in Tuesday's trading. After touching 52 week low of Rs 11.40, the stock closed at Rs 11.60. More than 7 cr shares traded on Nse, as against daily average of 3 cr shares.
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