Shares of Reliance Communications (RCom), which owns 95% stake in its telecom tower unit Reliance Infratel, were trading 1.07% lower at Rs 161.65.

The announcement was made during market hours today, 6 September 2010.

Meanwhile, the BSE Sensex was up 162.86 points, or 0.89%, to 18,384.29

On BSE, 15.51 lakh shares were traded in the GTL Infrastructure counter as against an average daily volume of 12.92 lakh shares in the past one quarter.

The stock hit a high of Rs 46 and a low of Rs 42.35 so far during the day. The stock had hit a 52-week high of Rs 54.40 on 28 June 2010 and a 52-week low of Rs 29.80 on 30 October 2009.

The mid-cap telecom tower operator has an equity capital of Rs 959.15 crore. Face value per share is Rs 10.

The stock had underperformed the market over the past one month till 3 September 2010, falling 3.21% as compared to the Sensex's return of 0.59%. However, it underperformed the market in the past one quarter, gaining 21.34% as compared to the Sensex's return of 7.04%.

As per GTL Infrastructure's statement to the BSE, the non-binding term sheet signed by GTL Infrastructure and Reliance Infratel dated 27 June 2010, expired on 31 August 2010. It further informed that despite efforts, both parties neither extended the term sheet nor entered into any definitive transaction agreements. As a result, the process of merger as originally contemplated stands cancelled, GTL Infrastructure said.

On 27 June 2010, the boards of GTL Infrastructure, RCom and its subsidiary Reliance Infratel had given in-principle approval to an over Rs. 50,000 crore merger deal to create the world's largest independent telecom infrastructure company.

GTL Infrastructure reported net loss of Rs 19.33 crore for Q1 June 2010 as compared with net profit of Rs 18.69 crore for Q1 June 2009. Net sales surged 53.50% to Rs 110.46 crore in Q1 June 2010 over Q1 June 2009.