Shares of Reliance Communications extended their downtrend for the second straight session on Thursday as the company has decided to shut down all 2G mobile operations by November 30.
RCom shares slumped as much as 4 per cent in early trade. After opening down at Rs 16 against the previous close of Rs 16.45, the stock touched a intraday high of Rs 16.35 and a low of Rs 15.70 on the BSE. In terms of equity volume, 44.49 lakh shares exchanged hands on the BSE in the evening trade.
The shares ended down 3.65 per cent at Rs 15.85 on the BSE. On the NSE, the stock fell 4.26 per cent at Rs 15.75.
According to industry sources, this will lead to about 1,500 job losses. However, subscribers will be given the option to either shift to its 3G/4G network or port out to another operator.
The company has also decided to close down its direct-to-home (DTH) services, operating under the brand Reliance Digital TV, with effect from November 18.