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RCom ends over 1% lower after Ericsson's insolvency petition

Press Trust of India  |  New Delhi 

of Communications ended over 1 per cent lower today after equipment maker filed a against the company under the insolvency and bankruptcy code for recovery of about Rs 1,155 crore.

The stock settled at Rs 21.55, down 1.15 per cent on During the day, it lost 2.98 per cent to Rs 21.15.

At NSE, of the company dipped by 0.91 per cent to end at Rs 21.55.

In terms of equity volume, 19.95 lakh of the company were traded on and over 2 crore shares changed hands at during the day.

Communications yesterday said it will challenge Ericsson's

"We wish to inform you that Private Limited (Ericsson), an unsecured operational creditor, has filed under IBC provisions against the company in... National Company Tribunal, Bench... For recovery of an amount of Rs 491.41 crore," RCom said in a filing.

has also filed similar petitions against RCom subsidiaries, Infratel and Reliance Telecom, for recovery of Rs 534.75 crore and Rs 129.34 crore, respectively, the filing added.

The debt-ridden telecom operator has been given time till December 31 by the lenders to service its debt obligation.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 14 2017. 17:07 IST