Shares of Reliance Communications (RCom) fell further on Tuesday, tumbling nearly 26 per cent, after the company decided to opt for insolvency proceedings.

RCom shares plunged 24.90 per cent to Rs 5.67 -- its record low -- on the Bombay Stock Exchange (BSE).

At the National Stock Exchange (NSE), shares plummeted 25.82 per cent to Rs 5.60.

RCom shares ended Tuesday's session at Rs 5.44, down Rs 2.11 (-27.95%) on the BSE . On the NSE it closed at Rs 5.40, down Rs 2.15 or

Shares of RCom on Monday ended nearly 35 per cent lower.

Few group shares too tumbled, with Reliance Power Ltd plunging 13.74 per cent and Reliance Naval and Engineering Ltd falling 16.46 per cent on the BSE.

Heavy selling was also seen in other group shares on Monday.

“RCom board of directors decides upon implementation of debt resolution plans through NCLT framework,” the company said in a statement Friday.

It is estimated that RCom has been reeling under debt of over Rs 46,000 crore.

RCom’s board on Friday reviewed the progress of the company’s debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.

The board noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway, the statement said.

“Accordingly, the board decided that the company will seek fast-track resolution through NCLT, Mumbai. The board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days,” the statement said.

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