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May 30, 2017 @ 10:47

Indian billionaire bleeds heavily in telecom price war

 

One of India’s richest men is losing heavily in the country’s cutthroat telecom price war.

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.

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