Reliance Communication (Rcom) hit a new 52-week low at Rs.48.75 and it remains in the red.

The stock hit this low after international rating agency Moody’s cut the rating of the company from ‘stable’ to ‘negative’. It has cited persistent delays in the company’s sale of non-core assets as the reason for this downgrade.

Moody’s has added that once the share swap transaction with Sistema Shyam Teleservices is completed only then will Rcom have adequate spectrum. Moody’s has gone on to warn that if the company participates in the upcoming spectrum auctions, its leverage metrics will come under further pressure.