Even as the war of words between the Ambani brothers continues, the huge meltdown in the Indian stock markets has seen the market capitalisation of RCOM drop by almost a third to $18 billion since it initiated talks with MTN.

The 45-day exclusive talks period between RCOM and MTN expires July 8. The two are negotiating for an extension of the exclusivity agreement by two-three weeks. Investors in both the companies are apprehensive given the fact that MTN shares have plunged to a three-month low and that of RCOM to a 52-week low.

The size of the deal between RCOM and MTN is expected to be somewhere between $45 billion and $50 billion.

AMBANI VS AMBANI

MAY 26: RCOM signs 45-day exclusivity deal with MTN on merger talks

JUNE 19: RIL sends letter to MTN on first right of refusal

JULY 3: RIL initiates arbitration proceedings against RCOM

WHAT RCOM SAYS...

This is only a sign of RIL's increasing desperation and frustration. RIL's claim of a first right of refusal is simply an excuse to try and disrupt the creation of one of the world's most valuable telecoms combinations