RCom falls for sixth-consecutive session; hits record low

RCom falls for sixth-consecutive session; hits record low
PTI
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First Published: Tue, Nov 30 2010. 11 36 AM IST
Updated: Tue, Nov 30 2010. 11 36 AM IST
Mumbai: Reliance Communications’ share fell for the sixth-straight session to hit an all-time low on BSE, shedding 3.6% after the Supreme Court upheld imposition of maximum penalty on the telecom giant for wrongly routing international calls through the BSNL network.
Anil Ambani-led RCom, which is already facing the allegations under the 2G spectrum row, witnessed another blow yesterday, reacting to which the firm share plunged by 3.64% to a new low of Rs 123.05 in the early trade on the Bombay Stock Exchange.
The scrip is under pressure and has lost by 14.46% in the last five trading sessions. Similarly, RCom share at the National Stock Exchange tanked by 3.68% to Rs 123.
Meanwhile, the 30-share benchmark Sensex was trading at 19,357.50, down 47.60 points from the previous close.
Yesterday, the apex court upheld the imposition of the maximum penalty by BSNL on RCom for wrongly routing international calls through the state-run telco’s network as local connections, tampering with Calling Line Identification (CLI) numbers.
Besides, the government yesterday said it will ask the Ministry of Corporate Affairs to investigate the CAG allegation that Swan Telecom, which got licences and spectrum in 2008, acted as a front company of Anil Ambani-led RCom.
RCom, on the other hand, has maintained that while it held a 9.9% equity stake in Swan through Reliance Telecom till 5 December, 2007, it had offloaded shares prior to the award of a telecom licence to Swan on 10 January, 2008.
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First Published: Tue, Nov 30 2010. 11 36 AM IST
More Topics: Stocks | Rcom | Anil Ambani | BSNL | BSE |