English
New Delhi, Nov 28 (PTI) Shares of Reliance Communications
today ended nearly 4 per cent lower amid reports that China
Development Bank has filed an insolvency case against the
telecom firm, which the company has denied.
Trimming most of its early losses, the stock ended the
day at Rs 12.90, down 3.37 per cent on BSE. During the day, it
slipped 8.61 per cent to Rs 12.20.
At NSE, shares of the company went down 3.74 per cent to
close at Rs 12.85.
In terms of equity volume, 67.51 lakh shares of the
company were traded on BSE and over 7 crore shares changed
hands at NSE during the day.
BSE had sought clarification from Reliance Communications
after market hours yesterday with respect to news that China
Development Bank has filed an insolvency case against it.
In a clarification to BSE, Reliance Communications
spokesperson yesterday said: “The company has not been served
any notice of the application filed by China Development Bank
with NCLT, as reported in the media.”
However, in the interest of all stakeholders, the
spokesperson said: “The company is engaged through the JLF
(joint lenders forum) with all its lenders for a successful
resolution of the SDR process. China Development Bank has
also been actively participating in the JLF.”
The company is therefore, surprised by the untimely and
premature action of China Development Bank of filing an
application at NCLT, the spokesperson added.
The company continues to remain engaged with all lenders
including China Development Bank and is confident and
committed to a full resolution with the support of all the
lenders.
This is published unedited from the PTI feed.
