<p> Shares of Reliance Communications (RCom) today ended nearly 11 per cent down on the bourses, eroding as much as Rs 523 crore from the market capitalisation of the company.<br /><br />Shares of the company opened on a weak note at Rs 18.70 on the BSE, then lost further ground and fell to an intra-day low of Rs 16.75.<br /><br />At the end of today's trading session the stock settled at Rs 17.10, down 10.94 per cent over its previous close on BSE.<br /><br />Following the downtrend in the stock, the market capitalisation of the company fell by Rs 523 crore to Rs 4,256.16 crore.<br /><br />On the National Stock Exchange similar trend was seen where the stock opened at Rs 18.65, then slumped to an intra- day low of Rs 16.75 and finally settled at Rs 17.15, down 10.68 per cent.<br />The significant decline in the stock was largely a knee jerk reaction post the collapse of the Aircel merger deal.<br /><br />Reliance Communications, on October 1, had called off merger talks with Aircel, citing "legal and regulatory" delays.<br /><br />RCom and Aircel had signed binding agreements in September 2016 for the merger of mobile business.<br />RCom, which is reeling under a debt of about Rs 46,000 crore, has outlined an alternative plan for debt reduction by selling real estate as well as tower and fibre business.<br /><br />"Legal and regulatory uncertainties, and various interventions by vested interests have caused inordinate delays in receipt of relevant approvals for the proposed transaction," RCom had said in a statement.</p>
<p> Shares of Reliance Communications (RCom) today ended nearly 11 per cent down on the bourses, eroding as much as Rs 523 crore from the market capitalisation of the company.<br /><br />Shares of the company opened on a weak note at Rs 18.70 on the BSE, then lost further ground and fell to an intra-day low of Rs 16.75.<br /><br />At the end of today's trading session the stock settled at Rs 17.10, down 10.94 per cent over its previous close on BSE.<br /><br />Following the downtrend in the stock, the market capitalisation of the company fell by Rs 523 crore to Rs 4,256.16 crore.<br /><br />On the National Stock Exchange similar trend was seen where the stock opened at Rs 18.65, then slumped to an intra- day low of Rs 16.75 and finally settled at Rs 17.15, down 10.68 per cent.<br />The significant decline in the stock was largely a knee jerk reaction post the collapse of the Aircel merger deal.<br /><br />Reliance Communications, on October 1, had called off merger talks with Aircel, citing "legal and regulatory" delays.<br /><br />RCom and Aircel had signed binding agreements in September 2016 for the merger of mobile business.<br />RCom, which is reeling under a debt of about Rs 46,000 crore, has outlined an alternative plan for debt reduction by selling real estate as well as tower and fibre business.<br /><br />"Legal and regulatory uncertainties, and various interventions by vested interests have caused inordinate delays in receipt of relevant approvals for the proposed transaction," RCom had said in a statement.</p>