Meanwhile, the S&P BSE Sensex was up 203.55 points, or 0.65% to 31,487.19. The S&P BSE Mid-Cap index was down 78.64 points, or 0.53% to 14,929.38.

On the BSE, 21.48 lakh shares were traded in the counter so far, compared with average daily volumes of 38.94 lakh shares in the past one quarter. The stock had hit a high of Rs 20.55 and a low of Rs 19.80 so far during the day. The stock had hit a 52-week high of Rs 55.40 on 31 August 2016. The stock had hit a record low of Rs 17.80 on 14 June 2017.

The stock had underperformed the market over the past one month till 21 June 2017, falling 35.46% compared with 2.69% rise in the Sensex. The scrip had also underperformed the market in past one quarter, slumping 48.23% as against Sensex's 6.1% gains. The scrip had also underperformed the market in past one year, dropping 59.28% as against Sensex's 16.67% gains.

The mid-cap company has equity capital of Rs 1244.49 crore. Face value per share is Rs 5.

Reliance Communications (Rcom) clarified with regards to news titled 'Rcom puts Mumbai, Delhi real estate assets on the block to pare debt', that the company has initiated the monetization programme for its real estate properties.

The stock has risen 13.01% in seven sessions to its ruling price from a close of Rs 18.05 on 13 June 2017. The stock had seen some bargain hunting recently after the plunge saw the stock hitting record low triggered by ratings agencies Moody's and Fitch on 6 June 2017 further downgrading their ratings on the telecom company and warning about its ability to deal with long-term debt.

However, the company on 7 June 2017 disagreed with the recent rating actions by both these agencies, and believed that these rating actions do not reflect the servicing track record of the company.

The rating agencies have not given due credit to the advanced stage of the corporate transactions (Aircel merger and Tower sale) which are expected to deleverage the company's balance sheet by $4 billion i.e. by 60% within the next few months.

The company added that the recent positive development of the standstill period agreed by lenders has been viewed negatively by the rating agencies on certain technical grounds, while in actual fact the same directly addresses their key concerns about the short term liquidity situation.

RCom had announced on 2 June 2017, that it has been engaged in discussions with its lenders to finalise an overall debt resolution plan, with the objective of expeditiously closing the already announced strategic transactions with Aircel and Brookfield, to immediately reduce debt from Rs 45000 crore to approximately Rs 20000 crore; a reduction of 60% or Rs 25000 crore. The lenders have taken note of the advanced stage of implementation of RCom's strategic transformation programme involving the transactions for the Wireless and Towers Business.

The lenders have proposed to give time of seven months till December 2017 to complete the above transactions, and reduce its debt by a substantial amount of Rs 25000 crore, or 60%.

On a consolidated basis, Reliance Communications reported net loss of Rs 948 crore in Q4 March 2017 as against net profit of Rs 79 crore in Q4 March 2016. Net sales declined 24.1% to Rs 4312 crore in Q4 March 2017 over Q4 March 2016.

RCom is an integrated telecommunications service provider.