RCom shares fall nearly 4% amid FLAG sale reports

MUMBAI: Reliance Communications shares today fell nearly 4 percent on the Bombay Stock Exchange, amid media reports that claimed it is looking to sell its undersea fibre optic network and US network businesses which the company denied.

The scrip settled the day at Rs 174.45, down by 3.73 percent from its last close. During the day, the stock swung between a high of Rs 182.70 and a low of Rs 173.50.

On the National Stock Exchange too, RCOM counter saw heavy selling and ended the day at Rs 174.25, down 3.89 percent from its previous close.

Over 64.22 equities of RCOM changed hands on two bourses. "The stock followed the tumbling market and the telecom sector is under pressure on the tariff war for now. The stock is in correction mode," SMC Global Vice President Rajesh Jain said.

The benchmark Sensex on BSE today fell 220.39 points to close at 16,877.16 points.

Media quoting sources had claimed that RCOM is selling its FLAG (Fiber-optic Loop Around the Globe) business.