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Continuing to fall for the second straight session, shares of Reliance Communications today fell by nearly 5 per cent amid buzz that the debt-ridden company is planning to shut down its wireless telephony business.
After a weak opening, shares of the company further lost 4.55 per cent to Rs 15.70 - 52-week low - on BSE.
On NSE, the stock lost 4.86 per cent to hit a one-year low of Rs 15.65.
The stock had fallen by over 3 per cent yesterday. On Tuesday it had declined by 3.95 per cent.
RCom plans to shut down its loss-making wireless telephony business by November 30 and concentrate only on 4G Internet services, according to sources.
"As already announced on October 1, 2017, RCom has decided to adopt a 4G-focused strategy for profitable growth of its wireless business. Accordingly, RCom will be optimising its 2G and 3G footprint, and related infrastructure and human resources, with effect from November 30, 2017," the company said in a statement yesterday.
RCom said its "4G-led strategy will be executed, as at present, on the back of capital-light access to Indias most extensive 4G mobile network, through already operational spectrum-sharing and ICR arrangements with Reliance Jio".