INSUBCONTINENT EXCLUSIVE:
RCom said on Friday that its overall debt resolution process had not made any progressDebt-laden Reliance Communications Ltd (RCom) plunged
by more than half to its record low in early trade on Monday, after the company said it will seek a fast-track resolution through the
bankruptcy court, National Company Law Tribunal, to resolve its indebtedness.RCom, controlled by Anil Ambani, also said on Friday that its
lenders had not received any proceeds from asset monetisation plans, and that its overall debt resolution process had not made any
progress.A cut-throat competition in the country's telecoms industry since the entry of Reliance Jio, owned by Anil Ambani's elder
brother Mukesh Ambani, had forced RCom to shut down its wireless business
It owed banks $7 billion as of March 2017 when it last made public its debt level, and more to vendors.The stock plunged as much as 54.3 per
cent to Rs 5.3 apiece on Monday in Mumbai trading
It has shed 19.4 per cent so far this year as of Friday's close.More than 12 crore shares of RCom changed hands in less than 45 minutes of
