Infocomm penalty drives down Reliance

Dalal Street Spikes

 The counter lost ground following reports of a Rs 485-crore penalty on Reliance Infocomm for providing mobility services similar to that of cellular services.

 The shares lost towards the end of the trading session on selling pressure after the announcement by the Telecom Regulatory Authority of India (TRAI) that Reliance Infocomm was liable to pay the penalty for providing mobility services to its subscribers.

 Players also attribute the fall to unwinding of positions on the counter in the F&O market.