Shares of Reliance Communications (RCom) on Monday plummeted by nearly 20 per cent, hitting a record low level on the BSE, after rating firm ICRA placed the company's long-term fund and non-fund based capitals under watch with negative implications.
In a sharp reaction to the move, shares of the Anil Ambani Group firm tumbled by 19.98 per cent hitting a lifetime low of Rs 74.65 on the Bombay Stock Exchange (BSE).
However, the stock managed to trim much of its initial losses and the ended the day lower by 3.48 per cent at Rs 90.05.
On the National Stock Exchange as well, edgy investors booked-profits sending the shares of RCom down by 3.81 per cent to close at Rs 89.70.
In terms of volume, over 1 crore shares of the company were traded on the two bourses.
ICRA has placed the LAA+ long-term rating assigned to the Rs 5,000-crore non-convertible debenture programme and Rs 28,116 crore long-term fund based/non-fund based limits of RCom under watch with negative implications.
Meanwhile, the BSE benchmark Sensex ended at 18,222.67, down by 263.78 points.