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Reliance Communications hits fresh 52-week low amid reports indicating sale of 2G business

Subsequently, subscribers on 2G-network of the telecom operator can either upgrade to 3G or 4G network or switch to a different operator. The stock is down 65.4 percent on an yearly basis. Since the beginning of this year, the stock has lost over 52 percent.

BT Online        Last Updated: October 26, 2017  | 13:16 IST
Reliance Communications hits fresh 52-week low amid reports indicating sale of 2G business

The Reliance Communications stock hit a fresh 52-week low on Thursday after reports said the Anil Ambani owned telco has decided to pull the brakes on its 2G mobile business within a month and show the door to several of its employees.

Subsequently, subscribers on 2G-network of the telecom operator can either upgrade to 3G or 4G network or switch to a different operator.

The stock is down 65.4 percent on an yearly basis. Since the beginning of this year, the stock has lost over 52 percent.

At 12:50 pm, the stock was trading 1.82 percent lower at Rs 16.15 on the BSE.

Earlier in the day, the stock hit an yearly low of 15.70 level.

On Wednesday, media reports said Reliance Communications will continue its 3G and 4G services till the time they remain profitable. Employees of the debt-ridden telco have reportedly been told by RCom Executive Director Gurdeep Singh that the company has reached a "situation where we need to call it a day on our wireless business" and this means closing down the "wireless business 30 days from now".

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