Shares of Reliance Communication slumped nearly 7 percent after a media report said Fortuna Public Relations has filed an insolvency plea against the company with the National Company Law Tribunal.
Fortuna Public Relations has filed the plea to recover dues worth Rs43lakh and its petition is scheduled for hearing on Dec 19. The public relations firm became the fifth company to file a bankruptcy plea against the Anil Ambani-owned Reliance Communication.
Reliance Communications Ltd is currently trading at Rs10.9, down 5.2 percent from its previous closing of Rs11.5 on the BSE. The scrip opened at Rs11 and has touched a high and low of Rs11.2 and Rs10.7 respectively. The stock is currently trading below its 200 DMA.
Reliance Communication (RCOM) is a diversified telecom service provider offering wireless, wireline and DTH services. It is a dual technology (GSM + CDMA) wireless player. It has RMS of 5 percent and subscriber base of 10.3 crore as on 31st March 2016. – IIFL