OnMobile Global shares decline 17% intraday on weak Q3 earnings

The shares of OnMobile Global declined 17.43% intraday on Friday on the back of weak earnings posted by the company in the third quarter (Q3) ended December 31, 2015. 

At 1205 hours, the shares of the company were trading down 6.86% slightly higher from the day's low but still trading below the red line, or Rs 8.50 down from previous day's close at Rs 115.40 per scrip intraday on the BSE. 

The company's third quarter consolidated net loss stood at Rs 7.6 crore against a profit of Rs 7.4 crore in the year-ago period.

Further, in a board meeting held on February 4, 2016, the company said that its board of directors had approved to buy back equity shares at a price not exceeding Rs 150 per equity share for an aggregate amount not exceeding Rs 70 crore. 

OnMobile Global is headquartered in Bengaluru and has offices across the world. It delivers music and entertainment services to customers on mobile phones around the world.