On the BSE, 34.81 lakh shares were traded in the counter so far, compared with average daily volumes of 38.37 lakh shares in the past one quarter. The stock had hit a high of Rs 19.75 and a low of Rs 19.25 so far during the day. The stock hit a 52-week high of Rs 55.40 on 31 April 2016. The stock hit a record low of Rs 18.15 on 31 May 2017.

The stock had underperformed the market over the past one month till 6 June 2017, falling 38.06% compared with 4.23% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 41.82% as against Sensex's 7.92% rise. The scrip had also underperformed the market in past one year, falling 58.47% as against Sensex's 15.48% rise.

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

Ratings agencies Moody's and Fitch yesterday, 6 June 2017, cut Reliance Communications (RCom) rating for the second time in a week, even as the telco received a seven-month respite from bankers on debt repayment.

Moody's Investors Service cut its rating on RCom to Ca from Caa1. The new rating suggests that the debt is highly speculative and likely in, or very near, default, with some prospect of recovery of principal and interest. It had downgraded RCom to Caa1, indicating high risk, on 30 May 2017.

Fitch Ratings lowered RCom's rating to RD from CCC, saying the situation constituted restricted default, as multiple waivers or forbearance periods have been extended in parallel following a non-payment event. Fitch last cut RCom's rating on 2 June 2017.

RCom announced that the reason given for revision in rating is the company's announcement dated 2 June 2017 that its bank lenders are prepared to waive debt service obligations until end of 2017 to provide time for the company to lower its debt through two proposed transactions and present a plan demonstrating how the debt can be serviced over the long term.

RCom stated that post signing of binding documents for the Aircel and Brookfield transactions, the company has formally advised all its lenders that it will be making repayment of an aggregate amount of Rs 25000 crore from the proceeds of these two transactions, on or before 30 September 2017. The said amount will cover not only all scheduled repayments, but also include substantial pre-payments to all lenders on a pro-rata basis.

Based on the large number of approvals already received for the two transactions and continuing good progress for the balance, the company expects to meet its all debt repayment obligations in line with these plans, and substantially reduce its overall debt.

RCom announced after market hours on Friday, 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. RCom said it aims to develop a sustainable long term plan for servicing the company's remaining debt. Based on applicable guidelines, RCom's lenders have constituted a Joint Lenders' Forum (JLF) to consider and approve the company's plans in this regard.

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%. RCom will also present to the lenders its sustainable long term plans for servicing the remaining debt of Rs 20000 crore. As part of the above, there will be a standstill on the company's debt servicing obligations for the next seven months till end December 2017.

In the event the transactions are not completed in the above timeframe, the Lenders may exercise their right to convert their debt, in accordance with applicable SDR guidelines. The above is subject to lenders' formal approvals and all other approvals as may be necessary under law.

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 24.11% to Rs 4312 crore in Q4 March 2017 over Q4 March 2016.

RCom is an integrated telecommunications service provider.