Ericsson petition hits RCom’s shares

Shares in Reliance Communications (RCom) fell as much as 2.3 per cent in early trading yesterday, a day after the Indian arm of Ericsson filed a petition seeking to drag the debt-laden telecom firm into insolvency due to unpaid dues. The Swedish telecoms equipment maker, which signed a seven-year deal in 2014 to operate and manage RCom’s nationwide network, is seeking a total of 11.55 billion rupees (RM756 million) from the company and two of its subsidiaries.