New Delhi, Jun 8 () Shares of Reliance Communications fell by more than 3 per cent today, continuing the downtrend on sluggish investor sentiment after Fitch and Moody's Investors Service further downgraded the company's credit ratings.

The stock went down by 3.10 per cent to close at Rs 18.75 on BSE. During the day, it declined by 3.61 per cent to Rs 18.65.

Shares of Reliance Communications tanked over 4% on Wednesday after the rating agencies Fitch and Moody's on Tuesday downgraded credit rating of the company on account of its fragile liquidity position and limited ability to pay back debt.

The stock hit an intraday low of Rs 19, down 4.2% on the BSE.

Shares in Reliance Communications rose as much as 4.6 per cent on Monday after the debt-laden mobile carrier said it won a seven-month reprieve on its loans from lenders.

The company's chairman, billionaire Anil Ambani, said on Friday it will receive a "standstill" on debt servicing obligations until December as it works on two deals that it expects will reduce its debt by 250 billion rupees ($3.9 billion), or 60 per cent of its $7 billion debt.

MUMBAI: Indian tycoon Anil Ambani, who controls Reliance Communications, is due to hold a media briefing on Friday in a bid to reassure investors after worries over the mobile carrier's heavy debt load rattled markets and triggered ratings downgrades.

A briefing would mark a rare appearance by Ambani, 57, reflecting the difficulties facing Reliance Communications, widely known as RCom, India's seventh-ranked telecoms carrier by customers. Ambani has a net worth of $2.7 billion, according to Forbes.

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 today said that it has told lenders that it would repay Rs 25,000 crore before September 30 this year post completion of its three different deals.

Shares and bonds of the Anil Ambani-led Reliance Communications (RCom) continued to tumble on Monday, amid concern around mounting debt and ability to service the loans, given the competitive pressure in telecom.

Shares of RCom dropped as much as 24 per cent to hit an intra-day low of Rs 19.7. It recovered marginally to end at Rs 20.5, down Rs 5.3 or 20.5 per cent on the BSE.

Shares of Reliance Communications (RCom) fell as much as 15.11% to its all time low of Rs 21.95 on poor March-quarter earnings and worries over debt repayment.

Reliance Communications on Saturday reported loss of Rs948 crore for the fourth quarter, hurt by intense price war unleashed by newcomer Jio. It had registered net profit of Rs79 crore in the corresponding period of the previous year.

Shares of pharmaceutical companies were under pressure with as many as seven stocks from the BSE500 index such as Lupin, Aurobindo Pharma, Divi’s Laboratories, Glenmark Pharmaceuticals, Indoco Remedies, Strides Shasun and Wockhardt hit their respective 52-week lows on the BSE in intra-day trade.

Besides these seven stocks, Coal India, Inox Wind, KPIT Technologies, Majesco, Reliance Communications (RCom), TV Today Network and Videocon Industries, total 14 stocks from the index trading at their 52-week lows on BSE.

The government will lose Rs 217 crore in revenue if it allows the proposed acquisition of 4G business of Tikona Digital Networks by Bharti Airtel, Reliance Jio has said in a letter to the Department of Telecom (DoT).

Bharti Airtel, however, denied the allegation.

"We bring to your attention that the scheme of merger, as announced by Airtel to its shareholders and media, indicates flagrant misuse of provisions of merger and acquisition guidelines dated January 20, 2014 with an intention to cause loss of revenue to the government exchequer," stated the Jio letter, a copy of which is available with IANS.

Reliance Communications (RCOM) has received 99.99 per cent shareholders approval for merger of its wireless business with Aircel, a company statement said here on Monday.

"The shareholders of Reliance Communications at their meeting convened pursuant to the order of the National Company Law Tribunal (NCLT), have on Monday approved with 99.99 per cent majority for the Scheme of Arrangement for demerger of the wireless division of the company and Reliance Telecom Limited (RTL), a wholly-owned subsidiary of the company, into Aircel Limited and Dishnet Wireless Limited (the Scheme)," the company statement said.

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