RCom Shares Hit 52 Week Low After Anil Ambani Quits As Chairman

- Advertisement -

The odds are still not in favour of RCom as yet, another news drops in on November 18 when Reliance Communication’s share price touched its 52-week low price of Rs 0.57.Reliance Communications has been under corporate insolvency resolution process under provisions of the Insolvency and Bankruptcy Code 2016.

Since June 28, its business, assets and everything is being managed by and also the powers are vested in Resolution Professional Anish Niranjan Nanavaty (appointed by National Company Law Tribunal’s Mumbai Bench)

- Advertisement -

On Friday, the share closed at Rs 0.59 falling by 3.28% and the development follows RCom has consolidated loss of Rs. 30,142 crore for the second quarter (ended September) after provisioning for statutory license fee and spectrum usage dues as compared to a profit of Rs 1,141 crore in Q2 FY19. (Source: The Economic Times)

- Advertisement -

It had been only a day since Reliance Communications had made the details of losses incurred by the company in the second quarter of 2019-2020 public, than Reliance Communications on Saturday said Anil Dhirubhai Ambani resigned as the company’s director. Four other directors stepped down along with him namely, Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar.

- Advertisement -

The telco had set aside Rs. 28,314 crore after Supreme Court’s recent (October 24th) verdict backing government’s stance on including non-core items in Adjusted Gross Revenue (AGR) of telecom companies.

In May 2019, RCom was officially declared bankrupt by NCLT and admitted for insolvency.RCom now owes over Rs. 50,000 crores to banks which is bankruptcy at its peak level.

Download the DU Express app on Play Store to stay connected with all the latest admission news and campus news 24×7.Click here to download the app.

Join our Telegram channel today free of cost to get all the latest updates delivered directly on your smartphone.Click here to subscribe to our Telegram channel or search for – @DUExpressIndia on Telegram to join.

- Advertisement -

Similar Articles


Stay Connected


Most Popular

Indira Gandhi National Open University (IGNOU) Gets A++ NAAC Grade

Over the years, the Indira Gandhi National Open University (IGNOU) has successfully made its name as the foremost place in the distance education sphere....

The beginning of the end of the pandemic: India and COVID-19

The historic moment that everyone has been waiting for has arrived. The world's largest vaccination drive is underway. We can believe that this, in...

Air in Delhi has started getting Contaminated Again

As the fog increases in the capital, the air in Delhi has started getting contaminated again. Delhi people are forced to breathe in the...