Ripples Advisory , Reliance Communications shares hit record low on fourth-quarter loss, debt woes

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Shares in mobile carrier Reliance Communications Ltd fell as much as 20 percent to an all-time low on Monday, after it reported a $150 million fourth-quarter loss and worries about its heavy debt load resurfaced.

The company, controlled by billionaire Anil Ambani, over the weekend posted its second straight quarterly loss, dragged down by a price war in what is the world's second-biggest mobile market by number of users.

The Economic Times newspaper on Monday reported that the company had delayed repayment of loans to more than 10 banks.

Reliance Communications declined to comment on the Economic Times report.

In its quarterly results statement, however, Reliance Communications said that "pending formal confirmation by the lenders for waiver of certain loan covenants", some loan amounts would continue to be classified as non-current liabilities.