Reliance Communications slips as Moody's downgrades outlook to 'negative'

NEW DELHI: Shares of Reliance Communications, country’s fourth largest telecom firm, ended higher by 0.40 per cent after slipping up to 3 per cent in trade on Friday.

The reaction came after global rating agency Moody’s downgraded its credit outlook for Reliance Communications to ‘negative’ from ‘stable’, citing delays in the sale of its non-core assets.

The stock slipped as much as 2.88 per cent to hit a low Rs 48.50 in intra-day trade.

"The change in outlook to negative from stable reflects persistent delays in the company's sale of non-core assets, which underpins its deleveraging strategy," Moody's said in a statement.