Russia-based Sistema has sold its 10 per cent stake in Reliance Communications (RCOM) after having lost about $4 billion on its investments. Earlier, in October 2017, Sistema had sold its Indian mobile telephony business, Sistema Shyam TeleServices, to RCOM in return for a 10 per cent stake. Sistema has progressively been reducing its stake in RCOM. In March 2018, it lowered its stake to 7.09 per cent by letting minority shareholders swap their shares with those of RCOM. Subsequently, in April and May 2018, it sold a further 2.1 per cent and 0.55 per cent, respectively, in the open market, lowering its equity holding in RCOM to 4.43 per cent.
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