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RCom stock falls on BSE as net profit plunges 86%

RCom stock falls on BSE as net profit plunges 86%

Shares of the company fell to an early low of Rs 85.70 on BSE, down 2.05 per cent from the previous close, while they fell 2.22 per cent on NSE to hit a low of Rs 85.60.

Reliance Communications slipped on the bourses in morning trade on Tuesday after the company's consolidated net profit plunged sharply for the January-March quarter this year.

Shares of the company fell to an early low of Rs 85.70, down 2.05 per cent from the previous close on the Bombay Stock Exchange, while on the National Stock Exchange, they fell 2.22 per cent to hit a low of Rs 85.60.

On the volume front, over 27 lakh shares of the company changed hands on the bourses within the first few minutes of trade.

RCom reported an 86 per cent dip in consolidated net profit to Rs 168.6 crore for the fourth quarter ended March 31 on the back of foreign exchange losses and an increase in interest outgo.

The company had registered a net profit of Rs 1,219.5 crore in the January-March quarter last year.

Meanwhile, the BSE benchmark Sensex was trading at 18,405.28, up 173.22 points, at 10.50 am.

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Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: May 31, 2011, 11:47 AM IST
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