Saturday, December 7, 2019

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

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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)

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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)

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.

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.

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