RCom, other Reliance group stocks tumble up to 12% on heavy selling

RCom, other Reliance group stocks tumble up to 12% on heavy selling

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Debt-laden telecom operator Rcom reported a consolidated loss of Rs2.709 crore in the second quarter

Shares of Reliance group of companies, led by Reliance Communications, on Wednesday came under massive selling and tumbled up to 12 per cent.

The scrip of Reliance Communications slumped 12.12 per cent, Reliance Capital tanked 10.21 per cent and Reliance Infrastructure plummeted 9.16 per cent on BSE.

Among others, Reliance Power dived 8.55 per cent, Reliance Naval and Engineering tumbled 8.18 per cent, Reliance Home Finance (7.09 per cent) and Reliance Nippon Life Asset Management (6.87 per cent).

In intra-day trade, shares of RCom crashed 16.88 per cent to hit its 52-week low of Rs 9.60, Reliance Capital plunged 14.99 per cent to Rs 400.20.

Reliance Infra slumped 14.99 per cent to Rs 390.60 in intra-day session, Reliance Power dropped 10.23 per cent to Rs 34.65 (52-week low), Reliance Naval tanked 11 per cent to Rs 42.40 (52-week low), Reliance Home fell sharply by 12.14 per cent to Rs 62.55 (52-week low) and Reliance Nippon Life skidded 9.14 per cent to Rs 248

Debt-laden telecom operator Reliance Communications on Saturday reported a consolidated loss of Rs 2,709 crore in the second quarter to September 2017.

The company had registered a profit of Rs 62 crore in the same period a year ago.
This is the fourth straight quarter of loss for the company.

RCom, which is on the verge of shutting its voice call service, witnessed a decline in revenue from its both India and global operations.

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