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Fitch stops rating Reliance Communications amid new calls for insolvency

Carrier's shares volatile ahead of court hearings expected this week

Anil Ambani, chairman of Reliance Communications   © Reuters

MUMBAI -- Debt-laden Reliance Communications, which is facing insolvency calls from clients and lenders, on Tuesday lost analytical coverage by Fitch Ratings, as its shares tumbled on news of a fresh petition filed against it by a public relations company.

"Fitch has chosen to withdraw the ratings on Rcom for commercial reasons," Fitch said in a short note to clients, following what ratings agency Moody's did in November on Reliance Communications' credit ratings after the company missed scheduled payments to bondholders.

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