Reliance Comm Q2 net drops 40%

Reliance Communications, India's second-biggest mobile phone operator, reported a 40% drop in quarterly net profit, after being squeezed by a call price war in the world's fastest-growing mobile market.

Reliance Communications, India's second-biggest mobile phone operator, reported a 40% drop in quarterly net profit, after being squeezed by a call price war in the world's fastest-growing mobile market.

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The Mumbai-based firm said consolidated net profit fell to 4.46 billion rupees ($100 million) for its fiscal second-quarter ended September, from 7.40 billion rupees in the year-ago quarter.

A Reuters poll of 11 brokerages had expected net profit of 4.09 billion rupees for the company.