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India's RCom shares drop 7.8 pct to record low after Aircel merger deal collapses
October 3, 2017 / 4:22 AM / 16 days ago

India's RCom shares drop 7.8 pct to record low after Aircel merger deal collapses

MUMBAI, Oct 3 (Reuters) - Shares of India’s Reliance Communications tumbled as much as 7.8 percent in early trade on Tuesday to an all-time low after the company scrapped a proposed merger of its wireless arm with rival Aircel, raising doubts about a debt-reduction plan.

Shares in RCom were trading at 17.90 rupees, down 6.77 percent, at 0400 GMT, after dropping to a low of 17.70 rupees. Indian markets were closed on Monday for a public holiday.

Reliance Communications said on Sunday it is reassessing debt repayment options after calling off the merger deal, citing regulatory delays and legal uncertainties. (Reporting by Swati Bhat; Editing by Muralikumar Anantharaman)

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