Reliance Communications shares zoom over 30% on debt reduction plan announcement

Mumbai: Shares of Reliance Communications (RCOM) zoomed over 30 percent after Reliance Group’s Chairman Anil Ambani on Tuesday announced that following restructuring, the company will reduce its debts by Rs 25,000 crore to Rs 6,000 crore. [caption id=“attachment_3036658” align=“alignleft” width=“380”] File image of Anil Ambani, chairman, Reliance Anil Dhirubhai Ambani Group. Reuters[/caption] Around 3.15 p.m., RCOM’s stocks augmented by 36.05 percent to trade at Rs 22.19 per share on the BSE. Addressing a press conference, Anil Ambani said the company has achieved full resolution of RCOM’s debt restructuring. RCom has close to Rs 45,000 crore debt on its books in October 2017, Ambani said.