RCom Shares Extend Losses On Loan Repayment Concerns
Mumbai: Shares in telecom operator Reliance Communications Ltd dropped on Tuesday, adding to a sharp slide a day earlier, hurt by investor concerns over its ability to service its loans. Reliance Communications, widely known as RCom, sought to reassure investors in its quarterly conference call on Monday, saying it was in talks with its lenders to defer loan instalments coming due in the next four months as it works on closing two deals.
The firm, controlled by billionaire Anil Ambani, plans to repay lenders 110 billion rupees ($1.7 billion) and refinance an even larger chunk by end-September, if lenders sign off on the merger of its wireless segment with rival Aircel and sale of a majority stake in its tower unit to Canada's Brookfield.
Despite those plans, RCom's shares fell as much as 7.6 per cent in early trading on Tuesday before paring losses to be down 4 per cent. It plunged 20.4 per cent on Monday.
($1 = Rs 64.65)
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