January 30, 2018 / 5:15 AM / 6 months ago

BUZZ-India's RCom surges on narrower Q3 loss

** Shares of Reliance Communications Ltd (RCom) surge as much as 14.9 pct to 31.2 rupees, their biggest intraday pct gain since Dec. 29, 2017

** Co reported a narrower Q3 loss on Monday after shutting down its consumer business

** The debt-laden co, which has faced a string of bankruptcy pleas, is selling most of its wireless assets to another carrier Reliance Jio Infocomm Ltd, a unit of Reliance Industries Ltd

** After shutting down the wireless business, RCom will be left with a unit that houses its undersea cables and internet data centres

** On Monday, Fitch Ratings downgraded Rcom’s unit Global Cloud Xchange Ltd’s (GCX) long-term foreign and local-currency issuer default ratings to ‘CCC’ from ‘B-‘. It also downgraded a GCX unit’s $350 mln senior secured notes due 2019

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