Anil Ambani’s Reliance Communications Hit By Debt, Competition
Brutal competition and 457 billion rupees ($7 billion) of borrowings have finally caught up with billionaire Anil Ambani’s Reliance Communications Ltd. The Indian wireless operator rattled investors with its first full-year net loss amid signs it’s struggling to repay debt. Its $300 million junk-rated note due in 2020 declined as much as 13.9 cents on the dollar to 70.1 cents on Monday and the stock sank to a record low. Fitch Ratings and Lucror Analytics highlighted a potential liquidity crunch and people familiar with the matter said the company sought…
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