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Beijing leaves Indian telecom partner on the dance floor

China Development Bank's push for Reliance Com bankruptcy may signal policy

Anil Ambani, chairman of Reliance Communications, attends a news conference in Mumbai on June 2.   © Reuters

MUMBAI -- Shares of Reliance Communications continued sliding Wednesday on reports that China Development Bank filed an insolvency case against the Indian telecom carrier, but it remains unclear whether the dispute over a loan once hailed as the "dragon and elephant dancing together" represents a permanent break in the rhythm between the two countries.

Reliance Communications shares closed 3.5% lower at 12.40 rupees, and have plunged by more than half year to date. However, sources in the company told Nikkei Asian Review that Reliance Communications has not been served any notice of the bank's application to India's National Company Law Tribunal.

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