Shares of ADAG group company, Reliance Communications Ltd slumped 48.27% to a Rs. 6 against the previous close of Rs. 11.60, after the company announced over the weekend that it is going to approach the NCLT for bankruptcy to restructure loans which it failed to restructure outside of NCLT.
The company said that the key elements of debt resolution remain the same including sale of all telecom infrastructure assets and spectrum, monetisation of GCX, IDC and Indian Enterprise Business apart from real estate development. This proposal has been taken after to overcome unreasonable minority lenders and untenable issues raised by DOT.
The shares opened at Rs. 10.44, which was the day high and hit an intraday low of Rs. 6 during the day's trading.