RCom opens down 6% on negative Veritas report

Reliance says the report full of factual inaccuracies

Shares in Reliance Communication today opened down  6% on negative report by equity research firm Veritas. The stock later recovered and was down about 4%.

Veritas has downgraded Reliance Communications, India's second-biggest mobile phone carrier by subscribers, to sell.

Reacting to the Veritas report, Reliance said the report was full of factual inaccuracies and the "orchestrated release" of the report showed that the agency has "ulterior motives".