RCom tumbles over 2%

India Infoline News Service | Mumbai | September 14, 2017 11:47 IST

Ericsson India filed an insolvency petitions against Reliance Communications (RCom), Reliance Infratel and Reliance Telecom in the National Company Law Tribunal (NCLT) to recover dues totalling Rs 1,155 crore.

The shares of Reliance Communications tumbled by over 2% during Thursday’s trading session after Ericsson India filed an insolvency petitions against Reliance Communications (RCom), Reliance Infratel and Reliance Telecom in the National Company Law Tribunal (NCLT) to recover dues totalling Rs 1,155 crore.

The stock was trading lower by 2.295 at Rs 21 per share on BSE at 1122 hours. It opened at Rs 21.20 per share. The stock touched its intraday high and low at Rs 21.75 per share and Rs 21.15 per share, respectively.

The stock has attracted a total traded volume of 90,65,344 shares and traded value of Rs 1,942 lakh on NSE at 1117 hours. Its 52-week high stood at Rs 53 as on September 15, 2016 and 52-week low was at Rs 17.80 as on June 14, 2017.

The company’s consolidated revenue for the quarter came in at Rs 3,494 crore, registering 33.6% yoy decline. This was led by a decline in revenue from Indian operations by 35% yoy and from global operations by 29% yoy. The company reported net loss of Rs 1,210 crore in Q1FY18 vs net profit of Rs 90 crore in the corresponding quarter last year. This was partly due to 25.5% yoy increase in interest expenses.

***Note: This is a NSE Chart

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