RCom hits record low as deal with Aircel called off

The stock hit a record low of Rs 17.45, down 9% on BSE, surpassed its previous low of Rs 17.80 touched on June 14, 2017 in intra-day trade.

Reliance Communications (RCom) hit a record low of Rs 17.45, down 9% on BSE in early morning trade, after the company said that it has called off its merger with Aircel, owned by Maxis of Malaysia. The stock surpassed its previous low of Rs 17.80 touched on June 14, 2017 on BSE in intra-day trade.

“Legal and regulatory uncertainties, and various interventions by vested interests, have caused inordinate delays in receipt of relevant approvals for the proposed transaction,” RCom said in a statement.

Unprecedented competitive intensity in the Indian telecom sector, together with fresh policy directives adversely impacting