RCom falls nearly 5 pc on poor Q1 numbers
Anil Ambani-promoted Reliance Communications today plunged nearly 5 per cent to hit a month low in early trade, after it reported a sharp 84.67 per cent decline in June quarter net profit.business Updated: Aug 16, 2010 10:33 IST
Anil Ambani-promoted Reliance Communications on Monday plunged nearly 5 per cent to hit a month low in early trade, after it reported a sharp 84.67 per cent decline in June quarter net profit.
Shares of Reliance Communications (Rcom) tanked 4.64 per cent to a month low of Rs 160.30 on the Bombay Stock Exchange.
Witnessing a similar downtrend on the National Stock Exchange, the scrip fell to Rs 159.70, down 4.99 per cent from previous close.
"The telecom sector is already reeling under pressure due to the additional 3G cost burden, and the results of RCom have also been disappointing. So, the counter is just reacting to poor numbers," SMC Global Vice-President Rajesh Jain said.
Meanwhile, the broader gauge Sensex was trading flat at 18,168.06 points.
The ADAG firm on Friday last week reported a 84.67 per cent fall in its consolidated net profit at Rs 250.89 crore for the April-June quarter this year due to high foreign exchange provisioning.