Wednesday, November 15, 2017

Rcom defaults on interest payments, stock tanks 5%, hits new 52 week low

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 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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