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Rcom Shares Drop 7.8% To Record Low After Aircel Merger Deal Collapses

Shares in RCom were trading at Rs 17.90, down 6.77 percent, at 0400 GMT, after dropping to a low of Rs 17.70

Photo Credit : Reuters

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Shares of India’s Reliance Communications tumbled as much as 7.8 percent in early trade on Tuesday (3 October) to an all-time low after the company scrapped a proposed merger of its wireless arm with rival Aircel, raising doubts about a debt-reduction plan.

Shares in RCom were trading at Rs 17.90, down 6.77 percent, at 0400 GMT, after dropping to a low of Rs 17.70. Indian markets were closed on Monday (2 October) for a public holiday.

Reliance Communications said on Sunday (1 October) it is reassessing debt repayment options after calling off the merger deal, citing regulatory delays and legal uncertainties.

(Reuters)