On Monday, The Economic Times newspaper reported that Reliance communication Ltd. doesn’t repay the loans of more than 10 banks, The company faces 20% loss in Q4 of $150 million. Anil Ambani, the billionaire posted its second straight loss in world’s biggest mobile market with number of users.
Against the Newspaper report, the company said that for waiver of certain loan covenants the confirmation is pending by the lenders, and some are continuing as non-current liabilities.
The company is planning on merging with its rival Aircel and 51% stakes selling in its radio masts business for Rs.100 billions to the Canada’s Brookfield infrastructure group and plans to repay $ 3.9 billion (Rs.250 billion) to its lenders.
Due to debt concerns, Reliance Communication falls to the maximum daily limit and Rs.20.06 a hitting a record low, Down 13% on Rs.22.40.On Monday a sell-off 2020 pounds also resumed with yields spiking 17.2%aginst 12.3% last week.
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