MUMBAI (Reuters) - Reliance Communications Ltd's shares fell sharply on Tuesday morning after media reported that China Development Bank was pursuing insolvency proceedings against the company.
China Development Bank (CDB) filed an insolvency petition against Reliance Communications to the National Company Law Tribunal to recover about 114.6 billion rupees ($1.8 billion), reports from ET Now and other media said late on Monday.
RCom said in a statement that it had not yet been served with any notice of the application from CDB.
The company also said it remains engaged with all lenders including CDB and was confident and committed to a debt restructuring plan with the support of all its lenders.
The shares in the company were trading down 4.1 percent in morning trade after having fallen as much as 9.4 percent earlier in the day.
CDB declined immediate comment.
($1 = 64.4100 Indian rupees)
(Reporting by Swati Bhat; Editing by Edwina Gibbs)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app