Shares of Reliance Communications Ltd or RCom today slumped over 48% in morning trade after the company has decided to opt for insolvency proceedings, following its failure to sell assets for paying back its lenders. RCom fell as much as 48.27% on BSE to ₹6 a share intraday. At 9.40 am, the stock was trading at ₹7.34 on BSE, down 36.7% from its previous close. In comparison, benchmark Sensex fell 0.23% to 36,386.78 points.

RCom’s USD bonds due November 2020 rose 2 cents on the dollar to 25.02 cents, the biggest move since September 20, according to prices compiled by Bloomberg.