RCom shares tank over 20%; mcap dives Rs 1,318 cr post-results

Shares of Reliance Communications

witnessed heavy selling today, plunging over 20 per cent after

it reported a loss of Rs 948 crore for the fourth quarter

ended March 2017.

The stock crashed 20.54 per cent to settle at Rs 20.50 on

BSE. During the day, it dived 23.64 per cent to Rs 19.70 --

its 52-week low.

At NSE, shares of the company plummeted 20.38 per cent to

end at Rs 20.50.

The company's market valuation also declined by Rs

1,318.59 crore to Rs 5,102.41 crore.

In terms of volume, 186.26 lakh shares of the company

were traded on BSE and over 11 crore shares changed hands at

NSE during the day.

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.)