Anil Ambani run RCom shares extend crash, plunge nearly 13%

Shares of Anil Ambani-led Reliance Communications extended crash on Wednesday plunging below the face value of Rs 5, plunging about 13 per cent. The scrip fell by 10.84 per cent to an all time low of Rs 4.85 on BSE. The shares tanked 12.61 per cent to Rs 4.85 on BSE in the early trade.

Reliance Communications’ share price closed about 35 per cent down after the company decided to opt for insolvency proceedings. While Reliance Infrastructure fell nearly 28 per cent, Reliance Capital crashed 10.61 per cent on BSE today.

RCom shares were trading down 0.30 points, or 5.41 per cent at Rs 5.25 at the time of reporting.

In a statement issued on February 1, 2019, the company said: “RCom board of directors decides upon implementation of debt resolution plans through NCLT framework.”

Meanwhile, BSE benchmark Sensex jumped over 250 points and NSE Nifty breached the 11,000 mark in early trade Wednesday led by gains in IT and metal stocks amid heavy buying by domestic and foreign institutional investors.

The 30-share index was trading 255.89 points, or 0.70 per cent, higher at 36,872.70. Similarly, the 50-share NSE Nifty reclaimed the 11,000 mark, rallying 81.40 points, or 0.74 per cent, 11,015.75.

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