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RCom continues to fall, sheds 5%

The scrip has been reeling under pressure ever since a CAG report said Swan telecom, one of the firms under scanner for illicitly securing 2G licences, was a front for RCom.

twitter-logoPTI | December 9, 2010 | Updated 12:01 IST

Reliance Communications (RCom) continued its losing streak for the fifth consecutive session on Thursday, with the counter plunging nearly five per cent in the early trade on the Bombay Stock Exchange.

The scrip has been reeling under pressure ever since a Comptroller and Auditor General report said Swan telecom, one of the companies under scanner for illicitly securing 2G licences, was a front company for RCom.

The news of the Central Bureau of Investigation raiding the premises of accused officials and former Telecom Minister A Raja on Wednesday had jittery investors selling RCom shares, which lost 4.89 per cent to hit an early-low of Rs 123.50 on the Bombay Stock Exchange.

Prior to this, the counter had witnessed 8.42 per cent decline in the last four trading sessions.

Another telecom major, Bharti Airtel, also suffered a loss of 2.01 per cent at Rs 340.55 in the morning session. Meanwhile, the 30-share benchmark Sensex was quoting flat at 19,702.35.

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