Indian Telecom Operator RCom Shares Crash 50% after Racking Up $7 Billion Phone Bill
Shares in debt-laden Reliance Communications (RCom) fell close to 50% on Monday as the Anil Ambani-owned company announced that it would seek bankruptcy protection from India’s insolvency tribunal. At 0345 UTC, the company’s stock fell to an intraday low of 6.01 rupees a piece in Bombay Stock Exchange trading, bringing its annual downside rate to 19%. The stock chart formed three large red candlesticks consecutively, in which more than 120 million RCom shares exchanged hands in just one hour. Anil Ambani Reaches Bankruptcy Court RCom said Friday that it would shift its debt resolution plan to National Company Law Tribunal (NCLT). The company
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