Shares of Reliance Communications today tanked 9.5 percent after Moody’s Investors Service downgraded the company’s corporate family rating and senior secured bond rating on account of weak performance and “fragile” liquidity position. The stock which has been under pressure since past few days fell further by 9.47 per cent to Rs 18.15 — its 52-week low — on BSE. On NSE, shares of the company plunged 9.5 per cent to hit its one year low of Rs 18.10.
Allaying concerns, the Anil Ambani-led Reliance Group company yesterday 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.
The telcos has already been downgraded by two other agencies Care and Icra. RCom had reported loss of Rs 948 crore in March quarter, compared to a net profit of Rs 79 crore in year-ago period, hurt by the intense price war unleashed by newcomer RJio.