RCom shares trim most of sharp early losses; end flat

Shares of Reliance Communications

trimmed most of its sharp early losses and ended flat today on

value buying at lower level.

The stock, which tumbled 9.47 per cent to Rs 18.15 -- its

52-week low -- in intra-day trade on BSE, later saw some

recovery and ended at Rs 20, down 0.25 per cent.

During the fag-end of trading, shares of the company

managed to gain nearly 3 per cent but later surrendered gains

to end on a flat note.

At NSE, shares of the company went down by 0.5 per cent

to close at Rs 19.90.

On the volume front, 231.12 lakh shares were traded on

BSE and over 23 crore shares changed hands at NSE during the

day.

Reliance Communications had witnessed heavy selling on

Monday, plunging over 20 per cent. The stock was down over

2 per cent yesterday also.

Moody's Investors Service has downgraded Reliance

Communications' corporate family rating and senior secured

bond rating on account of weak performance and "fragile"

liquidity position.

Allaying concerns, the Anil Ambani-led Reliance Group

company yesterday said that it has told lenders that it would

repay Rs 25,000 crore before September 30 this year post

completion of three different deals.

The telco has already been downgraded by two other

agencies Care and Icra.

RCom had reported a loss of Rs 948 crore in March

quarter, compared to a net profit of Rs 79 crore in year-ago

period, hurt by the intense price war unleashed by newcomer

RJio.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)