RCom shares down nearly 50% as firm approaches bankruptcy court

Anil Ambani-controlled Reliance Communications (RCom) shares were down nearly 50% on Monday after the company decided to go for insolvency proceedings through NCLT following its failure to sell assets for paying back its lenders. RCom's per share price hit an intraday low of ₹6 on the Bombay Stock Exchange. RCom has a debt of around ₹46,000 crore on its books.