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Shares of telecom services providers are under pressure with all frontline stocks - Ideal Cellular, Bharti Airtel and Reliance Communications (RCom) - trading lower in the range of 2-3% on the Bombay Stock Exchange (BSE).
RCom, the largest loser among the pack, was down nearly 3% to Rs 147 after the company said it is launching a share sale to institutional investors.
Anil Ambani-owned RCom plans to raise Rs 4,300 crore by way of a qualified institutional placement (QIP) of shares and a preferential offer to promoters as it looks to reduce debt.
The company said it would sell shares for Rs 142.13 each, or a discount of 5% to the floor price of Rs 149.61, but the company did not specify the number of shares being sold in the offering.
The stock opened at Rs 150 and touched a low of Rs 146 on BSE. A combined 4.89 million shares changed hands on the counter till noon deals on BSE and NSE. Among other telecom stocks, Bharti Airtel is down 2.3% at Rs 333 and Idea Cellular by 2% at Rs 134 on the BSE.
RCom, the largest loser among the pack, was down nearly 3% to Rs 147 after the company said it is launching a share sale to institutional investors.
Anil Ambani-owned RCom plans to raise Rs 4,300 crore by way of a qualified institutional placement (QIP) of shares and a preferential offer to promoters as it looks to reduce debt.
The company said it would sell shares for Rs 142.13 each, or a discount of 5% to the floor price of Rs 149.61, but the company did not specify the number of shares being sold in the offering.
The stock opened at Rs 150 and touched a low of Rs 146 on BSE. A combined 4.89 million shares changed hands on the counter till noon deals on BSE and NSE. Among other telecom stocks, Bharti Airtel is down 2.3% at Rs 333 and Idea Cellular by 2% at Rs 134 on the BSE.
