RCom shares drop 7.8 percent to record low after Aircel merger deal collapses

Shares of India`s Reliance Communications tumbled as much as 7.8 percent in early trade on Tuesday to an all-time low after the company scrapped a proposed merger of its wireless arm with rival Aircel, raising doubts about a debt-reduction plan.

Shares in RCom were trading at 17.90 rupees, down 6.77 percent, at 0400 GMT, after dropping to a low of 17.70 rupees. Indian markets were closed on Monday for a public holiday.

Reliance Communications said on Sunday it is reassessing debt repayment options after calling off the merger deal, citing regulatory delays and legal uncertainties.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)