Reliance Communication (Rcom) has slipped 6% to Rs 47.95 on back of heavy volumes on the counter. The stock opened at Rs 51.10 and hit a record low of Rs 47.10 on the NSE.
A combined 12.26 million shares have already changed hands so far against an average around 8.9 million shares that were traded daily in past two weeks.
Anil Ambani promoted Reliance Group telecom firm is continuously under pressure after it shelved its $1 billion Singapore IPO of its undersea cable unit to ease its heavy debt load. The stock has fallen 26% from Rs 65.05 on July 18 as compared 2% rise in the Bombay Stock Exchange benchmark Sensex.
Analyst at Angel Broking said that “Currently, the company is striving to reduce the debt level in its books and has maintained its stance of selling stake in its tower assets, which might help in deleveraging the balance sheet and reducing debt.”
The company has around Rs 35,600 crore debt level, seen an 88.5% lower cash level at Rs 550 crore as of March 31, 2012.
