Reliance Communications shares surge 38%

Reliance Communications stock falls up to 20% after NCLT admits Ericsson's insolvency petition against telco

It is none other than Reliance Communications share price, which tanked 20 per cent after the National Company Law Tribunal (NCLT) admitted an insolvency plea filed by Sweden's Ericsson against Reliance Communications, potentially delaying the RCom's plans to sell assets to lighten its debt load.

Shares of Reliance Communications plunged almost 16 per cent a day after NCLT admitted an insolvency petition filed by Ericsson against the company and two of its subsidiaries.

Ericsson has had 9,000 employees working on RCom and its subsidiaries and has not received RCom's unpaid dues despite many promises and re-negotiations on payment schedules.

Run by wealthy businessman Anil Ambani, RCom has said it plans to reduce its debt by selling assets such as airwaves, mobile masts and fibre optic investments.

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A lawyer for RCom said it would appeal. However, the company refused to comment on the matter saying that its next move will be dictated after studying the court order carefully. RCom says it owes only Rs 60 crore to Ericsson.

Billionaire Mukesh Ambani's prospects for bailing out his younger brother's phone company are fading after an Indian tribunal put his sibling's Reliance Communications Ltd. into insolvency proceedings, which prohibit "connected persons" from acquiring assets of delinquent borrowers.

The company shut down its consumer mobile business late previous year unable to survive the aggressive pricing strategy adopted by Reliance Jio which offered free voice and undercut the prices of data plans.

Shares of RCom tumbled as much as 18 per cent on the BSE this morning, while its 2020 dollar bonds plummeted the most in more than seven months. The latter scenario would result in what could be one of India's biggest bankruptcies and conclude the downfall of what was once the country's second-largest phone operator. The company is set to report earning for the quarter ended March on May 19.

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