Shares in Reliance Communications fell as much as 7%, even after reports that China Development Bank has become the first lender to file insolvency proceedings against the company.

The shares were last seen trading at Rs 12.40, down about 7 per cent over Monday's close. Meanwhile, the company has said that it has entered into a binding Share Purchase Agreement with Pantel Technologies Pvt Limited and Veecon Media & Television Limited for sale of its subsidiary Reliance BIG TV Limited (RBTV), engaged in the business of Direct-to-Home (DTH) services across India.

The size of the deal has not been specified, though this would help the company to prune down its debt even further. "The transaction will help to reduce the liability of unsecured creditors, benefitting all stakeholders,including lenders and shareholders of RCOM. The transaction is in consonance with RCOM's stated objective to focus on B2B businesses of the new RCOM," the company has said. Check qoute of RCOM