RCom shares hit 52-week low after Anil Ambani quits as chairman

rcom

MUMBAI : Shares of Reliance Communications on Monday touched their 52-week low of ?0.57 after the company’s chairman Anil Dhirubhai Ambani, along with four directors, resigned from the company.

Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar are the four directors who have tendered their resignation, according to a company release.

Manikantan V had tendered his resignation on October 4 as the director and chief financial officer (CFO) of the company.

The company, which is under the corporate insolvency resolution process (CIRP), has put up the resignation of Manikantan V and the appointment of D Vishwanath as executive director and CFO to the committee of creditors (CoC) for their approval. Further disclosures will be made to stock exchanges upon approval by the COC, the company said in the release.

Shares of other Anil Dhirubhai Ambani Group (ADAG) companies also fell on the news. Reliance Capital Ltd, Reliance Infrastructure Ltd, Reliance Power Ltd, and Reliance Home Finance Ltd fell fell around 5%. However, Reliance Naval & Engineering Ltd gained 4.93% to ?5.75.

Anil Ambani and his group companies hold 10.48% in Reliance Communications as of 30 September, according to BSE data. Over 46% of the promoter holdings have been pledged so far.

On Friday, the company reported a consolidated net loss at ?30,158 crore for the quarter ended September.

News Source: livemint

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