Reliance Communications hits fresh low on rating downgrade
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Shares of Reliance Communications extended selling spree on Wednesday, hitting fresh 52-week low, on the Bombay stock Exchange after the global rating agency Moody’s Investors Service downgraded company’s rating and senior secured bond rating, citing weak performance and fragile liquidity position.
Extending previous session losses, shares of the company declined as much as 9.47 per cent to hit all-time low of Rs 18.15 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 18.35 against previous close price of Rs 20.05.