Tata Communications shares dip over 7% on disappointing Q1 earnings

Shares of Tata Communications plunged over 7% on Wednesday after the company reported a net loss of Rs 33.86 crore for the first quarter ended June, 2015.

The stock plummeted 7.19% to settle at Rs 439 on the BSE. During the day, it tumbled 8.24% to Rs 434.

At the NSE, shares of the company declined by 7.28% to Rs 439.80 at close.

The company's market valuation fell by Rs 968.5 crore to Rs 12,511.50 crore.

On the volume front, 6.79 lakh shares of the company changed hands at the BSE and over 19 lakh shares were traded at the NSE during the day.

The company had reported a net loss of Rs 21.38 crore in the April-June quarter of last fiscal, Tata Communications had said in a filing to the BSE on Tuesday.

Total income from operations though increased marginally to Rs 5,206.27 crore for the reported quarter as compared to Rs 5,111.72 crore last year.

However, for the fiscal ended March 31, 2015, the company reported a net profit of Rs 1.29 crore whereas total income from operations stood at Rs 19,913.34 crore.