sibling rivalry?

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sibling rivalry?

Post by t w on Mon Jun 05, 2017 3:32 pm

Reliance Communications, the mobile service provider owned by billionaire Anil Ambani, saw its stock price crash by more than 20% on Monday to its lowest level in nearly a year.

The sudden stock plunge followed a report by the Economic Times newspaper that the firm, which has borrowed $6.5 billion, had missed loan payments to at least 10 banks.
"We are in the process of talking to all our lenders," a Reliance Communications spokesperson told CNNMoney, adding that the company plans to repay its creditors $3.9 billion by the end of September.
The company reported annual losses of $200 million on Saturday, down from a profit of $100 million the previous year.

Sibling rivalry
They're all battling the same adversary -- Ambani's older brother Mukesh, who is also India's wealthiest man. The siblings divided up the Reliance empire their father created after a bitter succession battle following his death in 2002.
Mukesh Ambani has bankrolled Reliance Jio, the newest entrant in India's telecom industry that burst onto the scene last September offering free 4G internet for six months. The blockbuster offer saw it rack up more than 100 million subscribers during that period.

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