Reliance Communications Slumps 9% After Posting Quarterly Loss Falls To 52 Week Low


Reliance Communications on Saturday reported a consolidated net loss of Rs 948 crore for the quarter ended March 31, 2017. The company had posted a net profit of Rs 79 crore in the same quarter of the previous year.

The company incurred losses due to free offers, disruptive pricing and hyper competition prevailing in the telecom sector, as per BSE filing.

Meanwhile, Reliance Communications is down by 9.3% at Rs 23.40 per share at 09:43 hours IST on BSE. The stock traded on a new 52-week low value of Rs 23.30 per share.

Reliance Communications Limited is a telecommunications service provider. The company’s operations include wireless telecommunications services, broadband access to enterprise customers, managed internet data centre services, and direct-to-home (DTH) business.'

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