Stocks

Reliance Infra hits record low

Reuters June 17 | Updated on June 17, 2019 Published on June 17, 2019

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Shares of Anil Ambani-led Reliance Infrastructure Ltd plunged approximately 15 per cent to a record low of Rs 50.5.

The company, on Friday, posted its biggest ever standalone loss of Rs 1,664 crore ($238.31 million) due to an expense of Rs 8,597 crore for impairment and write-offs in the quarter.

Also read: ‘Reliance Infrastructure looking to pare debts to zero by 2020’

The auditors to company raised concerns about its ability to continue as a going concern and said that they do not have sufficient evidence to determine if the result gave a “true and fair” view of the losses and income.

The stock of Reliance Infrastructure was down 81.3 per cent this year as of last close.

($1 = 69.8262 Indian rupees)

Published on June 17, 2019
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