Mumbai: Shares of Reliance Communications Monday fell by about 4 percent as the company put on hold the initial public offering of its undersea cable unit Flag Telecom in Singapore because of adverse market conditions.
The company's shares opened weak and as the trade progressed it further lost 3.76 percent to Rs 61.35 on the BSE.
At the NSE, the stock plunged 3.84 percent to Rs 61.30.
On the volume front, 7.08 lakh shares of the company changed hands on the BSE, while over 31 lakh shares were traded on the NSE.
"The company states that it will await supportive market conditions and easing of prevailing global uncertainties to proceed with the offering or listing at an appropriate time in the future, in order to unlock the full value of the Flag Telecom assets," RCom had said on Friday.
The IPO, which was to raise about USD 1 billion, was put on hold on a day when institutional book building was to close.
RCom was looking at listing Flag Telecom through a Singapore business trust, Global Telecommunications Infrastructure Trust (GTIT) on the Singapore stock exchange.
Dip in the stock was in line with the weak broader market trend, where the BSE Sensex was trading at 16,980.08, down 178.36 points.
PTI
First Published: Monday, July 23, 2012, 11:57