Share fell from Rs 700 to Rs 2
Business Business: Due to heavy debt, many of Anil Ambani’s companies went bankrupt in the stock market. This problem also affected the share prices of public companies, causing a huge decline in them. One such company in the telecom industry is Reliance Communications (RCom). In 17 years, the company’s share price has fallen from Rs 700 to Rs 2. Now RCom will be discussed again.
In fact, NCLAT rejected the state revenue department’s request to claim rights from Reliance Communications. The fee claim against the company was based on an expert report that was prepared after the bankruptcy proceedings began. A two-judge bench of NCLAT upheld the decision of the Bombay Division of the National Company Law Tribunal (NCLT), dismissing the state tax department’s Rs 6,100 crore suit.
The Corporate Insolvency Resolution Process (CIRP) against RCom began on June 22, 2019. The state tax authority then filed two lawsuits. The first recharge was done on July 24, 2019 for Rs 94.97 crore and the second recharge was done on November 15, 2021 for Rs 6.1 billion. The second suit was based on the declaratory order dated August 30, 2021. The NCLT had accepted the initial arguments raised before starting the CIRP. However, the second suit was upheld based on the decision issued in 2021.
In the case of Reliance Communications shares, the price was fixed at Rs 2 and trading was also halted recently. Notifications of trading limits have been appearing on BSE for some time now. In December last year, the share price reached the level of Rs 2.49. This is also a 52-week high. In May 2024, the share price was Rs 1.47. This is the lowest price in 52 weeks.
If we look at the historical chart of Reliance Communications, the stock had reached Rs 700 in 2007. Let us tell you that the founder of this company is Anil Ambani. Anil Ambani’s family currently owns 0.36% shares.
