RCom shares drop 10% after Supreme Court holds Anil Ambani guilty of contempt

Shares of Reliance Communications Ltd lost as much as 9.47% after the Supreme Court ordered the company to pay ₹550 crore to telecom equipment company Ericsson in four weeks.

Ericsson India Pvt. Ltd had moved the Supreme Court seeking initiation of contempt proceedings against RCom and its chairman Anil Ambani for wilful disobedience of its earlier orders to pay its dues. Ericsson had also sought Ambani be “detained in civil prison” unless the payment is made.