May 16, 2018 / 4:38 AM / 7 months ago

BUZZ-India's Reliance Communications slumps after NCLT allows Ericsson plea

** Shares of debt-ridden Reliance Communications Ltd (RCom) fall as much 13.3 pct to 10.75 rupees, lowest since Dec 6, 2017

** Bankruptcy court National Company Law Tribunal (NCLT) admitted an insolvency plea filed by Sweden’s Ericsson against RCom, potentially delaying co’s plans to sell assets to lighten its debt load

** Ericsson is seeking 11.55 bln rupees ($170.2 mln) from RCom and two of its subsidiaries

** RCom shares have fallen 65.7 pct this year as of Tuesday’s close, compared with Bharti Airtel Ltd’s 27.9 pct fall and Idea Cellular Ltd’s 51 pct drop

$1 = 67.8775 Indian rupees

0 : 0
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