RCom stock crashes 24% after earnings disappointment

Reliance Communications today

fell by as much as 24 per cent after the company reported a

loss of Rs 948 crore for the fourth quarter ended March 2017.

After opening the day on a muted note, the stock tanked

23.64 per cent to Rs 19.70 -- its 52-week low -- on the BSE.

On the NSE, it plunged 23.49 per cent to a one-year low

of Rs 19.70.

Hurt by intense price war triggered by Jio, telecom

player Reliance Communications on Saturday logged a loss of Rs

948 crore for the March quarter.

It had registered net profit of Rs 79 crore in the same

period of the previous year, as per a regulatory filing.

"The telecom sector in India has been very adversely

impacted during 2016-17 by competitive intensity on a scale

never witnessed before in the country," RCom said in a

statement.

The loss -- after minority interest -- widened to Rs 966

crore in the just-concluded quarter against Rs 531 crore in

the December quarter, according to the statement.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)