Reliance Communications dips for the sixth day; hits new low of Rs 4.82

Shares of Anil Ambani-owned Reliance Communications (RCom) were trading lower for the sixth straight day, hitting a new low of Rs 4.82, down 6 per cent on the BSE in intra-day trade in otherwise strong market. The fall comes after the lenders claimed to have the first right over income tax (I-T) refunds.

In the past six trading days, RCom has dipped 27 per cent from level of Rs 6.64 on the BSE, as compared to 4 per cent rise in the benchmark index, the S&P BSE Sensex. Thus far in the calendar year 2019, it has tanked 67 per cent and plunged 82 per cent from its 52-week high of Rs 26.25 seen on March 22, 2018.

According to a PTI report, lenders of RCom Tuesday contended before the National Company Law Appellate Tribunal (NCLAT) that they have the first right over Rs 260 crore, which the debt-ridden company has received as the income tax refund.

SBI along with other members of Joint Lenders' Forum (JLF) said that under the RBI guidelines, they have the right over the retention and trust account in which the refunds have been deposited, added the report.

Meanwhile, RCom’s promoter s holding in the company declined by nearly 7 percentage points (ppt) on invocation of pledge shares by lenders STCI Finance and IndusInd Bank. Total promoters holding in RCom has declined to 41.91 per cent from 48.77 per cent on invocation of pledge shares on February 25 and March 6, 2019, the company said in a regulatory filing.

As of December 31, 2018, Promoter & Promoter Group held 53.08 per cent stake in RCom, the shareholding pattern data shows.

At 02:39 pm; RCom was trading 5 per cent lower at Rs 4.88 on the BSE, as against 0.49 per cent rise in the S&P BSE Sensex. A combined 41.8 million equity shares changed hands on the counter on the BSE and NSE so far.

Reliance Communications (RCOM)