Shares of Reliance Infra slipped in morning trade today to hit an all-time low on bourses as Anil Ambani-led Reliance Infrastructure posted its biggest ever net loss of Rs 3,301 crore in the fourth quarter of 2018-19, as it booked impairment and write-offs worth Rs 8,500 crore. Earlier, the Reliance Infra board had deferred its meeting for the financial results twice.
The firm set-off exceptional losses against Rs 6,616 crore from general reserves to reduce the net impact, without which the losses would have been higher.
The group, on a consolidated basis, logged a net loss of Rs 2,426.82 crore for the financial year ending March 2019.
Additionally, as per the filing, the auditors of the firm said they were unable to give an audit opinion on the annual results. The auditors have also raised questions about the company's ability to continue in business.
"We were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these standalone/consolidated annual financial results," auditors BSR & Co and Pathak HD & Associates said.
Last week, the auditor of Reliance Capital, PwC, had quit saying the company has restrained it from performing its duties as a statutory auditor.
Following the news, the stock of Reliance Infra, a part of Anil Dhirubhai Ambani Group (ADAG), formed a gap down chart pattern at the opening bell and opened at a loss of 9.95%. At 11: 00 am, the stock touched an intraday low of Rs 52.70, by falling 11.13% against the previous close of Rs 59.30
While on BSE, the stock today has touched a new low of Rs 52.70, it has made a new low of Rs 50.50 on NSE.
The stock is trading lower than 5, 20, 50, 100 and 200-day moving average and the daily, weekly as well as monthly moving average signals have turned bearish.
The stock has fallen around 87 % in one year, 80 % in 6 months periods, 50 % in 3 months and around 25% in the last week.
A total of 23.6 lakh shares and 191.61 lakh shares are exchanging hands on BSE and NSE respectively.
Besides Reliance Infra, shares of Reliance Capital hit the day's low of Rs 69.10 (down by 9.73 %), Reliance Naval and Engineering shares fell 12 % to intra-day low of Rs 5.45, Reliance Power was down 8% to day's low of Rs 5.05, Reliance Communications hit a new low of Rs 1.40 today and Reliance Home Finance fell to an all time low of Rs 13.55 on BSE platform.
(Edited by Rupa Burman Roy)