Reliance Group stocks tumble up to 12% on heavy selling

Debt-laden telecom operator Reliance Communications on Saturday reported a consolidated loss of Rs 2,709 crore in the second quarter to September 2017.

Shares of Anil-Ambani led Reliance Group companies, led by Reliance Communications, on Wednesday came under massive selling and tumbled up to 12 %.

Reliance group of companies had registered a profit of Rs 62 crore in the same period a year ago. (Reuters File Photo)

The scrip of Reliance Communications slumped 12.12%, Reliance Capital tanked 10.21% and Reliance Infrastructure plummeted 9.16% on BSE.

Among others, Reliance Power dived 8.55 per cent, Reliance Naval and Engineering tumbled 8.18%, Reliance Home Finance (7.09%) and Reliance Nippon Life Asset Management (6.87%).

In intra-day trade, shares of RCom crashed 16.88% to hit its 52-week low of Rs 9.60, Reliance Capital plunged 14.99% to Rs 400.20.

Reliance Infra slumped 14.99% to Rs 390.60 in intra-day session, Reliance Power dropped 10.23% to Rs 34.65 (52-week low), Reliance Naval tanked 11% to Rs 42.40 (52-week low), Reliance Home fell sharply by 12.14% to Rs 62.55 (52-week low) and Reliance Nippon Life skidded 9.14% to Rs 248.

Debt-laden telecom operator Reliance Communications on Saturday reported a consolidated loss of Rs 2,709 crore in the second quarter to September 2017.

The company had registered a profit of Rs 62 crore in the same period a year ago.

This is the fourth straight quarter of loss for the company.

RCom, which is on the verge of shutting its voice call service, witnessed a decline in revenue from its both India and global operations.