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RCom Down 2 Percent After Creditors Oppose IT Refund Use To Settle Dues

Shares of Reliance Communications fell over 2 percent on Thursday morning after financial creditors opposed the company’s plea to release the income tax refunds to clear dues of Ericsson before the National Company Law Appellate Tribunal (NCLAT).

The scrip hovered at Rs 6.35, down 2.31 per cent at around 11:08 am while the benchmark BSE Sensex was up 0.27 per cent at 36,000.75.

The NCLAT was hearing RCom’s plea, which has approached the appellate tribunal seeking waiver over the moratorium placed by it on February 4.

A two-member bench of the NCLAT headed by Justice S J Mukhopadhaya has directed the financial creditors of the company, including State Bank of India, to file their reply on the issue by March 8.

Reliance Communications shares opened at Rs 6.60 on BSE against its previous closing of Rs 6.50.―India Finance News

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