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Post-ICRA downgrade, debt concerns pile pressure on RCom shares

Reliance said it had paid half yearly interest on the 2020 bond and that it had no outstanding dues

Reuters  |  Mumbai 

Post-ICRA downgrade, debt concerns pile pressure on RComm shares  Shares in Reliance Communications fell nearly 10 percent on Wednesday after a sell-off in its bonds, sparked by concerns that the debt-laden firm may be unable to repay its lenders amid intense competition in the sector. The company, controlled by billionaire Anil Ambani, is the most leveraged Indian telecom carrier and local agency ICRA this month downgraded its ratings on the company. The bond sell-off accelerated early on Wednesday with yields spiking to nearly 21 per cent on the 2020 bonds before a ...

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First Published: Wed, May 24 2017. 17:03 IST