New Delhi: Reliance Communications today fell by as much as 24 per cent after the company reported a loss of Rs 948 crore for the fourth quarter ended March 2017.
After opening the day on a muted note, the stock tanked 23.64 per cent to Rs 19.70 -- its 52-week low -- on the BSE. On the NSE, it plunged 23.49 per cent to a one-year low of Rs 19.70.
Hurt by intense price war triggered by Jio, telecom player Reliance Communications on Saturday logged a loss of Rs 948 crore for the March quarter. It had registered net profit of Rs 79 crore in the same period of the previous year, as per a regulatory filing.
"The telecom sector in India has been very adversely impacted during 2016-17 by competitive intensity on a scale never witnessed before in the country," RCom said in a statement.
The loss -- after minority interest -- widened to Rs 966 crore in the just-concluded quarter against Rs 531 crore in the December quarter, according to the statement.
