Reliance Communications stock hits fresh 52-week low on dismal Q2 earnings, closes 13.52% lower
BT Online November 13, 2017
The Reliance Communications stock closed lower in Monday's trade after the Anil Ambani-led firm reported a consolidated loss of Rs 2,709 crore in the second quarter ended September 30, 2017. The company had registered a profit of Rs 62 crore in the same period a year ago.
The firm has registered a loss for the fourth straight quarter. Total income of the firm fell 48 per cent to Rs 2,667 crore in the reporting quarter from Rs 5,142 crore in the corresponding period of the previous fiscal.
The stock hit a fresh 52-week low of 12.10 during intraday trade on the BSE.
It closed 13.52 percent or 1.90 points lower at 12.15 level after reporting dismal earnings for the second quarter.
The stock is down 64 percent since the beginning of this year. On an yearly basis, the stock has fallen 71 percent.
RCom, which is on the verge of shutting its voice call service, witnessed a decline in revenue from its both India and global operations.
The India operations of the company recorded a loss before tax and financial cost of Rs 1,669 crore as compared to a profit of Rs 611 crore during the same period a year ago.
The finance cost of the company, which is reeling under a debt of around Rs 45,000 crore, increased to Rs 1,149 crore during July-September 2017, as compared to Rs 825 crore a year ago.