Debt-ridden telecom firm Reliance Communications has skipped payment of debentures worth Rs 375 crore which was due on February 7.
Trai slammed RCom for "usurping" unspent pre- paid balances and security deposit of its mobile customers after operations were shut down, calling it "unethical".
Fitch downgraded Global Cloud Xchange (GCX), citing a variety of factors, including the woes of its parent Anil Ambani-led Reliance Communications (RCom).
Reliance Comm soared over 19% after the company reported narrowing of consolidated loss to Rs 130 cr for the quarter ended Dec 2017.
Following complaints from RCom customers, telecom regulator Trai directed the company to refund unspent balance and security deposit of its customers.
Reliance Comm is laying a 68,000-km undersea cable to carry data across Europe and Asia, to be built at a cost of $600 mn.
"New RCOM will be stronger and be India's largest B2B business. It is capex light and we are very conservatively structured," Ambani said.
Moody's said RIL credit rating will not be affected following the acquisition of mobile telephony assets of RCom which will happen at less than Rs 25,000 crore.
Shares of RCom continued their rally for the fourth straight session, ending 17 percent higher after Mukesh Ambani stepped in to bail out the debt-ridden firm.
Rajnish Kumar said the telecom deal involving acquisition of wireless assets of RCom by RJio is a "good and welcome development" that fully protects lenders' interest.
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AVIATION IN FOCUS
Jan Domestic Air Passenger Traffic At 1.15 Cr, Up 19.7% YoY
Air India Jan Passenger Load Factor At 84.6% vs 81.8% MoM
Jet Airways Jan Passenger Load Factor At 88.7% vs 88.5% MoM
IndiGo Jan Passenger Load Factor At 89.7% vs 90.8% MoM
SpiceJet Jan Passenger Load Factor At 95.0% vs 95.6% MoM
Air India Jan Market Share At 13.3% vs 13.1% MoM
Jet Airways Jan Market Share At 14.3% vs 14.6% MoM
IndiGo Jan Market Share At 39.7% vs 39.4% MoM
SpiceJet Jan Market Share At 12.6% vs 12.7% MoM