Reliance Communications shares fell as much as 5 per cent on Friday after the mobile carrier reported a 33 percent drop in quarterly profit. This is the second day of big losses for Reliance Communications, which has seen strong gains over the last few months.
Consolidated net profit fell to Rs 108 crore from Rs 162 crore a year earlier. That was the fourth consecutive quarter of declining profits at the company, controlled by billionaire Anil Ambani, with profits falling in 14 of the last 16 quarters.
Reliance Communications shares traded 3.3 per cent lower at Rs 127 on the BSE as of 10.30 a.m. The stock underperformed the broader Sensex, which traded flat.
Reliance Communications June quarter earnings were weighed down by higher finance costs even as pricing power improved due to reduced competition. Reliance Communications is the most-leveraged among listed Indian phone carriers.
(With inputs from Reuters)
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