Debt Woes: Rcom Slips Over 2%

Reliance Communications opened with a bearish tone in Wednesday’s trade at Rs 19.65 per share on BSE.

The telecom giant is struggling with its net debt of Rs 44,345.30 crore as on March 31, 2017.

Credit rating agencies such as ICRA & CARE Ratings has downgraded Reliance Communications Ltd’s short and long-term debt to default. 

The downgrade takes into account the delays in servicing its debt obligations resulting a significant stress in cash levels and higher level of debt.

The stock has witnessed long unwinding position in today’s opening hours of trade on NSE.

On a yearly basis, the stock has underperformed BSE Midcap index and Nifty Service sector.

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