Following Monday’s plunge in Reliance Communications shares, the stock price has eroded over 99 percent from the peak seen in 2008.
The stock had clocked an all-time high of Rs 820.80 on January 10, 2008. At that time, the market capitalisation of the stock had touched Rs 1.64 lakh crore (Rs 1,64,831 crore).
After the company told stock exchanges that it had decided to file for bankruptcy , the stock crashed 48 percent to touch a lifetime low of Rs 6, dragging the stock’s market capitalisation to Rs 1,659.31 crore.
The company has a debt of over Rs 40,000 crore.
“Despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway,” said RCom in a statement.
The company told exchanges that it will seek fast-track resolution through National Company Law Tribunal (NCLT) in Mumbai. They will implement the debt resolution plan through NCLT.
RCom said it has been “impossible” to achieve an approval on the debt resolution matter despite having over 45 meetings with the lenders for over 12 months.