/ Bearish RCom loses Steam, Stock Down By 21% In Two Weeks ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 26 May 2017

The fractured financial status of Reliance Communication, an Indian Internet access and telecommunications company has rattled the stock.The investor's apathy has increased and the company’s market cap dropped from Rs 12,444.9 crore at the end of March 2016 to Rs 6,458.9 crore as on May 25, 2017, indicating a 48% drop. On the Bombay Stock Exchange, it has shed almost 21% in a period of two weeks.

On the other hand, the benchmark Sensex was up 1.7%, Idea Cellular was down by 13% and Bharti Airtel up 1% during the same period under review. ICRA, a leading credit rating agency on May 5 had downgraded the company’s debt and soon after on May 19, 2017. Similarly, another major credit rating agency, CARE also cut its rating on several debt instruments, in view of the cut-throat competition in the telecom sector.

Reliance Communications Ltd is currently trading at Rs 26.15, up by Rs 0.2 or 0.77% from its previous closing of Rs 25.95 on the BSE.The scrip opened at Rs 26.05 and has touched a high and low of Rs 26.25 and Rs 26 respectively. So far 7433813(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 6458.9 crore.

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