Shares and bonds of Reliance Communications Ltd. tumbled after an Indian court ordered that the wireless carrier be placed in insolvency proceedings, jeopardizing its proposed $3.7 billion asset sale to Reliance Jio Infocomm Ltd.
Shares of RCom, as the company is known, plunged 15.3 percent to 10.5 rupees in Mumbai, while its 2020 dollar bonds plummeted by a record. The Mumbai bench of the National Company Law Tribunal on Tuesday accepted a petition from the Indian unit of network-equipment maker Ericsson AB, which is seeking to recover 11.6 billion rupees ($170 million) in unpaid dues from the telecommunications company controlled by billionaire Anil Ambani.
The court order sets back RComs planned sale of airwaves, towers an…
Read the full article at: https://www.bloomberg.com/news/articles/2018-05-15/ericsson-wins-plea-to-push-anil-ambani-s-rcom-to-bankruptcy?utm_source=google&utm_medium=bd&cmpId=google
