Reliance Communications scrip today tumbled over 9 per cent, wiping out Rs 1,662 crore from its market value, after the company reported a 43.5 per cent fall in consolidated net profit for the October-December quarter.
After falling over 10 per cent during the day, the scrip finally closed at Rs 80.05, down 9.14 per cent from its previous close on the BSE. On the NSE, the scrip was down 8.80 per cent at Rs 80.30.
In the process, the market capitalisation (m-cap) of the company fell by Rs 1,662 crore to Rs 16,522 crore.
“RCom Q3 FY’13 performance was below street expectations on all fronts,” IndiaNivesh Research said in a report.
The company had yesterday reported a 43.5 per cent decline in consolidated net profit at Rs 105 crore due to refinancing of debt during the third quarter ended December 31, 2012.
However, it reported a standalone net profit of Rs 110 crore for the quarter against a net loss of Rs 277 crore in the year-ago period.