Reliance Communications shares drop after shelving unit's Singapore IPO

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Shares in Reliance Communications dropped more than 3 per cent on Monday after shelving a planned Singapore initial public offering for its undersea cable unit, citing unfavourable market conditions.

The company controlled by billionaire Anil Ambani was looking to raise between $700 million and $1 billion through the listing of its undersea cable assets as a business trust in Singapore.

Reliance Communications has been burdened with net debt of $7 billion as of March 31.