RCom shares plunge 13.5% on Q2 loss

James Marshall
November 14, 2017

The company also said that the listing of its non-life insurance subsidiary Reliance General Insurance is on track and it is expected to be listed by March 2018, subject to the receipt of regulatory approvals.

The billionaire Anil Ambani-controlled telecom operator on Saturday said its net loss widened to 27.09 billion rupees ($414.95 million), compared with a profit of 620 million rupees a year ago.

The company has missed interest payments on two outstanding domestic non-convertible debentures, according to a filing with the stock exchange. In the past couple of years, the beleaguered telecom service provider had been trying to sell some of its assets, join hands with peers, and restructure its pile of debt (which was Rs 44,300 crore at the end of the previous fiscal). This was primarily driven by 52% YoY decline in revenues from Indian Operations. The scrip opened at Rs 12 and has touched a high and low of Rs 12.4 and Rs 11.35 respectively.

Reliance Nippon Life Asset Management, Reliance Commercial Finance (or Reliance Money), Reliance Home Finance, Reliance General Insurance, Reliance Nippon Life Insurance are the group firms of the company and it is also engaged in broking and distribution business. This is the fourth straight quarter of loss for the company.

Reliance Nippon Life Asset Management reported its net profit rose 21% to Rs 120 crore in the quarter ended September 2017 as against Rs 99 crore during the previous quarter ended September 2016.

Other reports by Click Lancashire

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