Banks may seek forensic audit of RCom books, stock meltdown worries lenders

RCom has been downgraded by almost all rating agencies

Banks are planning to insist on a forensic audit of Reliance Communications (RCom) before they take up a proposal for restructuring loans to the beleaguered telecom company.

“We may look at a forensic audit of the company’s books to get a better picture of the financial metrics over the years,” a banker said.

Alarmed by the continuous fall in the RCom stock price, bankers are meeting the company’s management next week to assess its debt-servicing capabilities.

The banker added that competition in the telecom sector had intensified with the launch of Reliance Jio. “Jio’s launch has a significant bearing on