Reliance Communications shares drop as earnings disappoint

Shares in R-Com fell as much as 2.5% after the company’s consolidated net profit dropped more than expected 

 

Reliance Communications said late on Friday that consolidated net profit fell 48.5% to Rs156 crore for its fourth quarter from Rs303 crore reported a year earlier. Photo: Bloomberg 

 

Mumbai: Shares in Reliance Communications Ltd (R-Com) fell as much as 2.5% on Monday after the mobile carrier’s consolidated net profit dropped more than expected in the March quarter.

Reliance Communications, controlled by Anil Ambani, said late on Friday that consolidated net profit fell 48.5% to Rs.156 crore for its fourth quarter from Rs.303 crore reported a year earlier.

Analysts on average had expected a net profit of Rs.215 crore, according to Thomson Reuters data. The results of the latest and the year-ago quarters included one-off items.

Shares of R-Com were trading 1.48% lower at Rs.120.20 apiece, while the benchmark Sensex was up 0.36% at 22,483.95.

 

NITESH KUMAR SINGH

PGDM 2ND

SOURCE-- MINT LIVE NEWS