Mumbai: Reliance Communications continued its losing streak for the fifth consecutive session on Thursday, with the counter plunging by nearly 5% in the early trade on the Bombay Stock Exchange (BSE).
The scrip has been reeling under pressure ever since the CAG report said Swan telecom, one of the companies under scanner for illicitly securing 2G licences, was a front company for Reliance Telecom.
The news of CBI raiding the premises of accused officials and former telecom minister A. Raja yesterday had jittery investors selling RCom shares, which lost 4.89% to hit an early-low of Rs123.50 on the BSE.
Prior to this, the counter had witnessed 8.42% decline in the last four trading sessions.
Another telecom major Bharti Airtel also suffered a loss of 2.01% at Rs340.55 in the morning session on BSE.
Meanwhile, the 30-share benchmark Sensex was quoting flat at 19,702.35.