Monday, 29 May 2017

Reliance Communications shares hit record low on fourth-quarter loss, debt woes

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Shares in mobile carrier Reliance Communications Ltd fell as much as 20 percent to an all-time low on Monday, after it reported a $150 million fourth-quarter loss and worries about its heavy debt load resurfaced.

The company, controlled by billionaire Anil Ambani, over the weekend posted its second straight quarterly loss, dragged down by a price war in what is the world's second-biggest mobile market by number of users. The company had delayed repayment of loans to more than 10 banks.

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