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Reliance Communications shares plunge over 13%

The company has said banks will convert about Rs 7,000 crore of its debt to equity under the central bank's strategic debt restructuring plan

Sankalp Phartiyal & Devidutta Tripathy | Bloomberg  |  Mumbai 

Reliance Communications posted a fourth straight quarterly loss and said it failed to pay interest on some debentures, sending the debt-laden firm’s shares tumbling 14 per cent to a record low and its bonds down on Monday. The Anil Ambani-controlled telecom operator reported late on Saturday a quarterly loss of Rs 2,709 crore ($414.06 million), compared with a profit of Rs 62 crore a year ago. Revenue nearly halved to Rs 2,667 crore, amid a price war started by upstart rival Reliance Jio, which is backed by Anil’s elder brother Mukesh Ambani. RCom, as the company is ...

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First Published: Mon, November 13 2017. 23:28 IST