Proportion fell from Rs 700 to Rs 2

Industry Industry : Because of heavy debt, lots of Anil Ambani’s corporations went bankrupt within the inventory marketplace. This drawback additionally affected the percentage costs of public corporations, inflicting an enormous drop in them. One such corporate within the telecom trade is Reliance Communications (RCom). In 17 years, the corporate’s proportion value has fallen from Rs 700 to Rs 2. Now RCom shall be mentioned once more.

Actually, NCLAT rejected the state income division’s request to say rights from Reliance Communications. The obligation declare in opposition to the corporate used to be in line with a professional document that used to be ready after the insolvency court cases started. A two-judge bench of NCLAT upheld the verdict of the Bombay department of the Nationwide Corporate Regulation Tribunal (NCLT) disregarding the state tax division’s Rs 6,100 crore swimsuit.

The company insolvency solution procedure (CIRP) in opposition to RCom started on June 22, 2019. The state tax authority then filed two fits. The primary recharge used to be carried out on July 24, 2019 for Rs 94.97 crore and the second one recharge used to be carried out on November 15, 2021 for Rs 6.1 billion. The second one swimsuit used to be in line with the declaratory order of August 30, 2021. The NCLT had authorised the preliminary arguments raised ahead of beginning the CIRP. Then again, the second one swimsuit used to be upheld in line with the verdict issued in 2021.

With regards to Reliance Communications stocks, the fee used to be fastened at Rs 2 and buying and selling used to be additionally halted just lately. Buying and selling prohibit notifications were showing on BSE for a while now. In December ultimate 12 months, the percentage value reached a degree of Rs 2.49. This may be a 52-week prime. In Might 2024, the percentage value used to be Rs 1.47. That is the bottom value in 52 weeks.

If we take a look at the ancient chart of Reliance Communications, the inventory had reached Rs 700 in 2007. Allow us to inform you that the founding father of this corporate is Anil Ambani. Anil Ambani’s circle of relatives these days owns 0.36% stocks.