RComm shares drop after shelving unit's Singapore IPO

The company controlled by billionaire Anil Ambani was looking to raise between USD 700 million and USD 1 billion through the listing of its undersea cable assets as a business trust in Singapore.

Reliance Communications has been burdened with net debt of USD 7 billion as of March 31.

Reliance Communications touched an intraday high of Rs 62.30 and an intraday low of Rs 61.35. At 09:25 hrs the share was quoting at Rs 61.90, down Rs 1.85, or 2.90%.
 
It was trading with volumes of 283,234 shares. In the previous trading session, the share closed down 0.31% or Rs 0.20 at Rs 63.75.