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Tata Teleservices (Maharashtra) dipped 15% to Rs 4.25, extending its 18% decline of the last three trading sessions, after the media reports suggested that Tata Teleservices is likely to shut down its operations this month. The stock is trading close to its all-time low of Rs 4 touched on March 26, 2013 on the BSE.
“Tata Teleservices continues to explore all options in respect of its business given the challenging business environment in the telecom industry,” the company said in a clarification on news report on Wednesday, October 4, 2017.
At this stage, Tata Teleservices has not made any firm decision on the way forward for its telecom business, it added.
Tata Teleservices (Maharashtra), along with Tata Teleservices, spearheads the Tata Group’s presence in the telecommunication sector. Tata Teleservices (Maharashtra) is one of the leading mobile telecom service providers delivering mobile connectivity and services to consumers across Mumbai and Maharashtra circles.
RCom hit a new low of Rs 16.40, down 3% on BSE in intra-day trade. Thus far in five trading sessions of October, the stock slipped 15% after the merger of RCom’s mobile business with Aircel was called off.
On October 1, 2017, RCom announced that the merger agreement of its mobile business with Aircel, signed in September 2016, had lapsed, owing to legal and regulatory uncertainties, interventions by vested interests, and delays in the receipt of relevant approvals.
"This transaction was crucial to RCom's delevering plans. Absent this transaction, the company's debt levels will remain high and its expected debt restructuring and corporate reorganization will be further delayed," said Annalisa DiChiara, a Moody's Vice president and Senior Credit Officer.
Besides these two stocks, Bank of Maharashtra, Dena Bank and United Bank of India from the public sector banks hit their respective 52-week lows today.
|COMPANY||LATEST||52 WK LOW||PREV LOW||PREV DATE|
|BANK OF MAHA||25.10||25.00||25.00||03-Oct-17|
|SRI ADHIK. BROS.||60.35||60.35||63.50||09-Oct-17|
|TATA TELE. MAH.||4.43||4.25||4.95||09-Oct-17|
|UNITED BANK (I)||17.95||17.75||17.75||09-Oct-17|