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RCom Shares Fall Sharply After DoT Rejects RCom-RJio Deal To Trade Airwaves
In Wednesday morning trade, shares of RCom plunged as much as 13% as DoT rejected the company's deal with Mukesh Ambani led Reliance Jio to trade airwaves as the structure of the deal is not in conformance with its guidelines. This is as per a leading business channels report. Further the report said that in accordance with the trading norms, the buyer is held responsible for the dues which are left unrealized from the seller.
The stock of Reliance Communications opened the trading lower by 9% at Rs. 14.50 per share. The stock hit an intra-day low of Rs. 13.77 and high of Rs. 14.95 on the BSE. The stock last traded lower by 7.86% at Rs. 14.63 for a share.
The news comes after Reliance sought clarity that it shall not be held accountable for RCom's previous dues in relation to telecom spectrum.
It is to be noted that on a more recent basis, the Supreme Court asked DoT to grant a NoC to RCom to trade its spectrum with RJio Infocomm but on the premise that Reliance Realty does not redeem the preferential shares without the regulators go-ahead.
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