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RCom shares fall 2% after rating downgrades

LiveMint logoLiveMint 07-06-2017 Swati Bhat

Mumbai: Shares in Reliance Communications were down 2.2% in pre-open trade after credit rating agencies Moody’s and Fitch downgraded the company to default levels, their second rating cut in as many weeks.

Shares in the company were at Rs19.70 in pre-open trade versus their previous close of Rs20.15 on Tuesday.

RCom had on Friday secured a seven-month reprieve from lenders on its debt servicing obligations. The banks will consider converting part of their debt to equity if the company does not repay loans as planned by end-December. Reuters

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