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BUSINESS
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.
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Updated : May 29, 2017, 01:13 PM IST
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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.)
