RComm shares drop after shelving unit's Singapore IPO

Shares in Reliance Communications dropped more than 3% on Monday after shelving a planned Singapore initial public offering for its undersea cable unit, citing unfavourable market conditions.

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.