Comments
The stock of Tulip Telecom fell to the maximum permissible limit on the bourses for the fourth straight day on Thursday. Today it closed at Rs 69.75, down 4.97 per cent. In the last five days, the stock fell 20 per cent to current levels from Rs 86.5 on September 7.
The company today informed the exchanges that Religare Finvest invoked 3.99 per cent stake in its favour that was pledged by Tulip Telecom.
Fitch downgrades
Recently, Fitch has downgraded Tulip Telecom from ‘junk’ to ‘default’ status following its failure to redeem its $97 million, or Rs 533.5 crore, outstanding foreign currency convertible bonds by August 26.
However, in a clarification to the exchanges on September 10, the company said: “Over last few weeks, the company has made significant progress in its fund-raising exercise through various instruments and internal accruals. The company is making reasonable endeavours to meet its full redemption obligation.” It also claimed that business performance remains ‘robust.’
>badrinarayanan.ks@thehindu.co.in
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.