Rcom shares drop as Reliance Jio signs deal with Bharti

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, April 23, 2013, 12:17 [IST]

Shares in Reliance Communications (RCom) fell today as Bharti Airtel inked a deal with Reliance Jio for use of Bharti Airtel's submarine cable network to provide data connectivity across Asia Pacific.

RCom fell more then 4 per cent following the news and the stock was last trading at Rs 93.70 on the Bombay Stock Exchange.

It may be recalled that earlier this month, Reliance Jio had signed a deal worth Rs 1200 crores to share Reliance Communications Ltd's (RLCM.NS) fibre optic network to roll out its 4G services.

"Reliance Jio Infocomm and Reliance Communications has signed a definitive agreement for approximately Rs 1,200 crore as one time indefeasible right to use (IRU) fees for sharing the company's nationwide inter-city fiber optic network infrastructure," RCom had said in a media release.

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