RCom shares dip after Moody's, Fitch downgrade credit ratings again

Shares of Reliance Communications tanked over 4% on Wednesday after the rating agencies Fitch and Moody's on Tuesday downgraded credit rating of the company on account of its fragile liquidity position and limited ability to pay back debt.

The stock hit an intraday low of Rs 19, down 4.2% on the BSE. 

RCom has fallen over 24% since the company reported loss of Rs 948 crore for the fourth quarter, hurt by intense price war unleashed by newcomer Reliance Jio. It had registered net profit of Rs 79 crore in the corresponding quarter of the previous fiscal year. 

RCom shares