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Economy

Reliance Com shares hit low as more Chinese debtors emerge

Tribunal to hear China Development Bank case on Dec. 18

A man walks past a logo of Reliance Communication.   © Reuters

MUMBAI -- More trouble is brewing for Reliance Communications as reports surface of more Chinese banks pursuing insolvency proceedings against the company, as a local court said it would hear China Development Bank's petition on Dec. 18. News that the National Company Law Tribunal has set a date for the hearings sent Reliance Communications' shares to a new low of 11 rupees each, down over 3% in its fourth straight session of decline on the Bombay Stock Exchange.

Reuters quoted sources in reports that said Industrial and Commercial Bank of China and Export-Import Bank of China were planning to back China Development Bank by possibly filing their own separate petitions before the tribunal.

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