Continuing to fall for the second straight session, shares of Reliance Communications on Thursday ended almost 4 per cent lower amid buzz that the debt-ridden company is planning to shut down its wireless telephony business. The stock slipped 3.65 per cent to end at Rs 15.85 on BSE. During the day, it tumbled 4.55 per cent to Rs 15.70, its 52-week low.
At NSE, shares of the company went down 3.95 per cent to close at Rs 15.80. In terms of equity volume, 44.55 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.
The stock had fallen by over 3 per cent on Wednesday. On Tuesday it had declined 3.95 per cent. RCom plans to shut down its loss-making wireless telephony business by November 30 and concentrate only on 4G Internet services, according to sources.
“As already announced on October 1, 2017, RCom has decided to adopt a 4G-focused strategy for profitable growth of its wireless business. Accordingly, RCom will be optimising its 2G and 3G footprint, and related infrastructure and human resources, with effect from November 30, 2017,” the company said in a statement yesterday.
RCom said its “4G-led strategy will be executed, as at present, on the back of capital-light access to India’s most extensive 4G mobile network, through already operational spectrum-sharing and ICR arrangements with Reliance Jio”.