New Delhi, Dec 6 (PTI) Shares of Reliance Communications

today fell more than two per cent in morning trade on bourses

after credit rating agency Fitch said it has withdrawn ratings

of debt-ridden Reliance Communications for commercial reasons.

Reliance Communications stock today opened at Rs 11.10

and slumped 2.38 per cent to touch an intra-day low of Rs

11.07 on the BSE.

Similar movement was seen on the NSE as well, where the

stock opened at Rs 11.35, then fell 2.64 per cent to touch an

intra-day low of Rs 11.05.

“Fitch has chosen to withdraw the ratings on Rcom for

commercial reasons. Accordingly, Fitch will no longer provide

ratings or analytical coverage for RCom,” it said in a

statement yesterday.

RCom also informed stock exchanges that Fitch “has

withdrawn ‘C’ rating of the company’s Long-Term Foreign and

Local Currency Issuer Default Ratings and Bonds listed in

Singapore Stock Exchange due to commercial reasons”.

RCom said it has already informed all the stakeholders

that the lenders of the company have invoked strategic debt

restructuring (SDR) scheme as per RBI guidelines.

RCom is estimated to be in debt of around Rs 45,000

crore. Various entities, including China Development Bank and

publicity consultant Fortuna Public Relations have filed

insolvency case against RCom.

This is published unedited from the PTI feed.