A Seven year deal in 2014 to operate and manage RCOM’s nationwide telecom network had been signed by Ericsson, but the bill has not paid. A petition for seeking liquidation of the telecom operator to recover Rs 1,150 crore that RCOM owes it, in the NCLT’s Mumbai bench had been filed by the Swedish company in the last September. The petition was considered by the tribunal. RCOM plan to sell assets to lighten its debt load could be delayed potentially. RCOM shares slipped 18 percent.
According to the media source, Karnataka Governor may invite BJP legislator Yeddyurappa to form Government. If BJP succeeds, this may lead to boost in the stock market. Amid of Rupee recovery and fall in crude oil Market is trending below its day’s low. Investors have closely eyed on election and fundamentals.
BSE Sensex was down 171.57 points at 35,372.37 and NSE Nifty fell 58.70 points to 10,743.20.