RCom debt concerns: Bond sell-off gathers pace after Moody's rating cut

A sell-off in Reliance Communications Ltd's bonds accelerated on Wednesday after rating agency Moody's cut its rating on the company deeper into junk territory, underscoring the extent of its debt woes. Offshore bonds due 2020 dropped five points to 64/69 cents on the dollar on Wednesday and have now lost a third of their value since the sell-off began two weeks ago. Shares in the Indian telecoms firm, known as RCom, also fell, sliding 9.

5 percent to a life-time low of 18.10 rupees in morning trade. The stock is down.

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