Reliance Comm shares drop after shelving unit's Singapore IPO

RELIANCE-COMMUNICATIONS-SHARES:Reliance Comm shares drop after shelving unit's Singapore IPO

Shares in Reliance Communications dropped more than 3 percent on Monday after shelving a planned Singapore initial public offering for its undersea cable unit, citing unfavourable market conditions.

The company controlled by billionaire Anil Ambani was looking to raise between $700 million and $1 billion through the listing of its undersea cable assets as a business trust in Singapore.

Reliance Communications has been burdened with net debt of $7 billion as of March 31.