The shares of the Anil Ambani-led Reliance Communications fell over 13% on Monday
after the debt-laden company on Saturday posted a loss of Rs 2,709 crore in the quarter that ended in September, Reuters reported.
It was the company’s fourth straight quarter of loss, PTI reported. In the same period in 2016, the telecom company had registered a profit of Rs 62 crore.
The company also said that it had missed interest payments on two outstanding domestic non-convertible debentures, which are unsecured bonds that cannot be converted to company equity or stock. Last month, the struggling company presented a debt repayment plan to its lenders that will see banks convert some of its debt and take control of 51% stake in the company.
With a net of debt of Rs 44,300 crore as of March-end, Reliance Communications is the most leveraged among listed Indian telecom companies, Reuters reported.
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