Mumbai: Shares in Reliance Communications fell as much as 4.45 per cent in morning trade after credit rating agencies Moody's and Fitch downgraded the company to default levels, their second rating cut in as many weeks.
Shares in the company were at Rs 19.50 as of 10.25 am, versus their previous close of Rs 20.15 on Tuesday.
RCom had on Friday secured a seven-month reprieve from lenders on its debt servicing obligations. The banks will consider converting part of their debt to equity if the company does not repay loans as planned by end-December.
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