RCom shares plunge on rating downgrade

Rajalakshmi S Updated - January 12, 2018 at 02:10 PM.

Reliance Comunications has secured a seven-month reprieve from lenders on its debt servicing obligations.

Shares of Reliance Communications were down 2.2 per cent in pre-open trade after credit rating agencies Moody's and Fitch downgraded the company to default levels, their second rating cut in as many weeks.

The company shares were at Rs 19.70 in pre-open trade versus their previous close of 20.15 rupees 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.

Published on June 7, 2017 04:08