NEW DELHI: Falling for the second straight day, shares of Reliance Communications cracked 5 per cent in morning trade on Tuesday.The Department of Telecom is scrutinising the spectrum-sharing deal between Reliance Communications (RCom) and Reliance Jio Infocomm after the Anil Ambani company defaulted on a payment of Rs 21 crore towards instalment for spectrum in the Mumbai circle earlier this month.
The DoT has already served a show-cause notice on RCom for defaulting on the Rs 21-crore spectrum payment.
The operator though has moved the appellate tribunal, asking it to direct the telecom department not to cancel its mobile permits for missing the payment.
The next hearing is on March 26.
RCom recently terminated an Rs 7,300-crore deal to sell 122.4 MHz of spectrum in the 850 MHz band to Jio, due mainly to DoTs refusal to grant approval as the latest entrant didnt agree to bear RComs historical dues.
Shares of the company traded 4.94 per cent down at Rs 4.81 on BSE around 9:45 am.