Reliance Group chairman Anil Ambani on Friday resigned as the director of the bankrupt Reliance Communications (RCom). This follows the company's reported consolidated loss of ₹30,142 crore, the second highest in corporate India after Vodafone Idea. Company’s loss ballooned to ₹30,142 crore after provisioning for statutory licence fee and spectrum usage dues, versus a profit of ₹1,141 crore the year before. RCom had filed for insolvency under the Insolvency and Bankruptcy Code (IBC) and has ₹47,000 crore as dues to the financial creditors. RCom shares on the BSE closed down 3.28% at 0.59 paisa on Friday, valuing the company at ₹163.17 crore.

Source: The Hindu November 16, 2019 12:47 UTC