Reliance Communication Shares Fall as Earnings Disappoint
Shares in Reliance Communications Ltd fell as much as 2.7 per cent on Monday after the mobile carrier's consolidated net profit dropped more than expected in the January-March quarter.
Reliance Communications, controlled by billionaire Anil Ambani, said late on Friday consolidated net profit fell 48.5 per cent to 1.56 billion rupees ($26 million) 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.
Copyright: Thomson Reuters 2014
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