On October 25, 2017, news of Reliance Communication shutting down its DTH business had surfaced in the market. The company, being in the middle of debt restructuring, had planned to shut down its Direct-To-Home or DTH television business in the coming month. The move was taken as it failed to find any buyer for the business.
The Company issued its clarification in a filing to BSE stating that it will be closing down its DTH business next month.
“DTH operations is a non-core business of the Company provided through Reliance BigTV Limited (RBTV), a subsidiary of the Company. RBTV’s DTH license is expiring by end of November 2017 and the Company is currently working with 3 leading DTH operators for seamless migration of customers to enjoy uninterrupted services.” stated the filing.
Reliance Communications Ltd is currently trading at Rs 16.1, down by Rs 0.35 or 2.13% from its previous closing of Rs 16.45 on the BSE.
The scrip opened at Rs 16 and has touched a high and low of Rs 16.2 and Rs 16 respectively.
The stock is currently trading below its 200 DMA.