Mumbai, Oct. 3: The shares of Reliance Communications (R-Com) today hit a record low as the merger with Aircel collapsed. The knee-jerk reaction eroded as much as Rs 523 crore from its market capitalisation.

The R-Com scrip ended nearly 11 per cent lower on the BSE. It opened on a weak note at Rs 18.70, lost further ground and fell to an all-time low of Rs 16.75 in intra-day trades. Finally, the stock settled at Rs 17.10, down 10.94 per cent, or Rs 2.10, over its previous close on BSE. Market capitalisation fell Rs 523 crore to Rs 4,256.16 crore.

A similar trend was seen on the National Stock Exchange where the stock opened at Rs 18.65, slumped to an intra-day low of Rs 16.75 and finally settled at Rs 17.15, down 10.68 per cent.

On October 1, the Anil D Ambani-led company had called off the merger talks with Aircel, citing "legal and regulatory" delays.

R-Com and Aircel had signed binding agreements in September last year for the merger of their mobile businesses.

R-Com which has debts of around Rs 45,000 crore said it had other options to bring down its borrowings, which include the monetising of its spectrum holdings and its real estate assets.

It said it had valuable spectrum across 800/900/1800/2100 Mhz spectrum bands aggregating 200 Mhz, valued at over Rs 19,000 crore for the balance of their validity period, based on last auction rates.