Reliance Communications shares surge 38%

Reliance Communications shares surge 38%

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.

Ramzan ceasefire: Centre halts Army operations in Kashmir during holy month
About 65 terrorists and 29 sliders have been killed this year. "Wish them good luck (sic)". This, however, is not the first time that the Valley has seen a cessation of hostilities.

Red Sox P Chris Sale seemingly mocks Cavaliers with 'Goon Squad' shirt
Betts came up limping after appearing to jam his right foot against the wall trying to make the catch, but he stayed in the game. This comes less than one day after Cavaliers coach Tyronn Lue said the Celtics are "gooning the game up", per Martinez.

Griezmann speaks on Atletico Madrid future after Europa League final brace
Griezmann slotting coolly into the bottom left corner in the 21st minute after being set up by midfielder Gabi's first-time pass. The Cameroonian's attempt at a touch was very bad , and Gabi pounced on the loose ball, sending Griezmann through to finish.

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.

Related:

  • Harry Styles producing sitcom loosely based on 1D days

    Harry Styles producing sitcom loosely based on 1D days

    According to People , a new sitcom all about the life and times of Harry Styles will premiere on CBS this fall. He meant to stay for two weeks, but ended up there for the best part of two years.
    Oil drops as demand shows signs of weakening

    Oil drops as demand shows signs of weakening

    Here is a look at how share prices for two blue-chip stocks and two exchange traded funds reacted to this latest report . Gasoline and distillate stocks were expected to have fallen by 2 million barrels and 1.3 million barrels, respectively.
    Braun scratched from Brewers' lineup vs D-backs

    Braun scratched from Brewers' lineup vs D-backs

    Milwaukee starter Jhoulys Chacin gave up one run on two hits in seven innings, with seven strikeouts and two walks. After Jimmie Sherfy walked the bases loaded, Domingo Santana's fly ball to right made it 4-2.
  • Senate votes to ditch repeal of net neutrality

    Senate votes to ditch repeal of net neutrality

    John Hoeven says we need to develop fair and open access to the internet without re-using Obama's net neutrality regulation. Eshoo responded: "Well we have a lot more to come, but so far, very good".
    James Ransone will play adult Eddie in 'It: Chapter 2'

    James Ransone will play adult Eddie in 'It: Chapter 2'

    Variety is reporting that Power co-star Andy Bean (pictured left above) has lined up the role of Stanley Uris in It: Chapter 2 . It's fitting because Wyatt Oleff was involved in one of the first movie's creepier sequences as young Stanley.
    After Nemanja Matic, Jose Mourinho is gunning for another Chelsea star

    After Nemanja Matic, Jose Mourinho is gunning for another Chelsea star

    With Conte widely-expected to move on in the close-season there has been an air of uncertainty around the club in recent months. ESPN's Manchester United correspondent Rob Dawson gives his view on the club's second place finish to rivals Manchester City.
  • Penn State-Pitt game on September  8 will be in prime time

    Penn State-Pitt game on September 8 will be in prime time

    Penn State will play eight conference matchups, five of which are against teams who qualified for the NCAA Tournament last season. This is the third game of the four-year renewed series, although no other games have been scheduled in the future.
    Instagram will soon show how long you spend looking at avocado toast

    Instagram will soon show how long you spend looking at avocado toast

    If you've ever wondered how much time you spend flipping through photos on Instagram, then you're about to get a wake-up call. It hasn't been enabled as yet so it's unclear when this feature will be rolled out for all users.
    Nation's most restrictive abortion law challenged in Iowa

    Nation's most restrictive abortion law challenged in Iowa

    Pro-life advocates are calling on President Donald Trump to use regulations to rollback taxpayer subsidies to Planned Parenthood. Last year, they approved a 20-week abortion ban and required women to wait three days before they could have an abortion.
  • SEC Launches Fake ICO to Educate People on Fraud

    SEC Launches Fake ICO to Educate People on Fraud

    HoweyCoins is part of the SEC's effort to combat an explosion of scams and securities fraud associated with cryptocurrencies . Generally, if something passes the Howey test , and is therefore considered a security, it is subject to SEC regulation .
    PUBG Mobile Gets Miramar Desert Map Before Xbox One

    PUBG Mobile Gets Miramar Desert Map Before Xbox One

    Twitch launched this new set of custom filters earlier, and they're available to everyone watching PUBG streams . Update 0.5.0 has added a new map, with the desert themed Miramar now available to play for mobile users.
    Jack Dorsey graces NYC's Blockchain Week to talk up magic internet money

    Jack Dorsey graces NYC's Blockchain Week to talk up magic internet money

    He enlisted the help of his engineer Mike Brock on the Tuesday of the event, with only a few days left. We made a decision to dedicate Mike [the engineer] to building Bitcoin within Square Cash ".

Comments

Latest news

Fixed-odds betting machines shake-up CONFIRMED - 21000 jobs AT RISK
THE maximum stakes on fixed-odds betting terminals (FOBTs) will be restricted to £2, the government has announced. Bookmaker William Hill said it will see a reduction in total gaming net revenue of 35%-45% following the move.

FBI's Trump Investigation Codenamed 'CROSSFIRE HURRICANE'
Agents reportedly avoided interviewing Trump associates and subpoenaing documents to keep the investigation secret. The FBI codenamed their probe Crossfire Hurricane, a reference to lyrics in a Rolling Stones song.

Congo receives first doses of Ebola vaccine amid outbreak
The vaccine will be reserved for people suspected of coming into contact with the disease, as well as health workers. The vaccine is complicated to use, requiring storage at a temperature between -60 and -80 degrees Celsius.

Juventus legend Buffon to leave club at the end of season
These feelings are children of an extraordinary and attractive journey, shared with people who have loved me. The 40-year-old's last game for the club will be against Verona on Sunday - his 640th in Serie A.

Woman detained after feces flinging incident at Langley Tim Hortons
She then pulls down her trousers , proceeds to defecate on the floor, and then picks it up and flings it at the employee. Holly Largy said the case will be forwarded to the BC Prosecution Service to determine whether charges will be laid.

Study shows Pop Music is getting sadder but more danceable?
More recent songs with a low happiness index included Sam Smith's " Stay with Me " and "Whispers" by Passenger , both from 2014. The researchers emphasize that they were looking for the trends in the acoustic properties and the moods describing the sounds.

U.S. imposes fresh sanctions on Hezbollah leaders
This is the second TFTC designation action since the centre was announced on May 21, 2017. It also plans to reinstate all the sanctions that had been lifted under the nuclear deal.

State may gamble on sports betting
For now, New Jersey , and possibly DE , will likely be the only options for new sports betting operations in the coming weeks. Virginia law now considers gambling illegal, part of a code section titled "Crimes Involving Morals and Decency".

Microsoft Announces Xbox Adaptive Controller For Disabled Gamers
Xbox Adaptive controller is a device targeted to the people who don't have the luxury to use their hands like normal people. They can be reprogrammed to act as any of the standard controller's button inputs via the Xbox Accessories app.

Fresno Area Cyclists Take Ride of Silence
OH law states bicyclists have the same rights and responsibilities as other vehicles on roadways. More information on the Ride of Silence can be found here.

Prince George, Princess Charlotte to have starring roles in royal wedding
Prince Harry and Meghan Markle chose six bridesmaids and four page boys, and all of them are under 10 years old. She said the media had "raked him over the coals" and "distorted his image".

Chrissy Teigen and John Legend have welcomed a baby boy
The Sports Illustrated model announced she was pregnant with the couple's second child last November. And, of course, congrats to John and Chrissy on their growing family!

Revamped YouTube Music launching next week as 'YouTube Premium' replacing Red
Google Play Music subscribers will then receive a YouTube Music Premium membership as part of their subscription each month. If you are a YouTube Red member, your service will automatically receive access at your current price.

Portia De Rossi says she has quit acting
However, she is best known for playing Lindsay Bluth Funke on the award-winning TV comedy Arrested Development . De Rossi also went on to explain more about the art-based venture that's pulled her away from Hollywood.

More Children Ending Up In Hospitals For Suicidal Tendencies
It suggests that the youth may face increased stress and mental health challenges when school is in session. Suicidal tendencies are the inclination for a person to have suicidal ideation or to make suicide attempts.

Other news