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The weight of debt is telling on the Reliance Communications share which slumped to a new low below Rs 60 on the BSE on Tuesday.
It was quoting at Rs 60.10 at 12.50 today, down 2.91 per cent on its previous close of Rs 61.85. It opened at Rs 61.60.
The weighted average price of the share is Rs 60.52.
The share lost about 4 per cent in trading on Monday after it put on hold the initial public offering of its undersea cable unit Flag Telecom in Singapore because of the adverse market conditions. The company hoped to raise $1-1.5 billion from the IPO. It had planned to use the proceeds to ease its debt burden of $7 billion.
During FY 2011-12, the company reported revenues of Rs 11,110 crore and a net profit of Rs 156 crore.
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