Mahanagar Telephone Nigam Limited (MTNL) is trading 3% lower at Rs 36.55, extending its three day fall of over 13%, after widening its net losses by 88% to Rs 850 crore for the first quarter ended June 2011 mainly on account of expenditure on staff cost and retirement benefits. The company reported a net loss of Rs 451 crore in the corresponding quarter of the previous fiscal.
“Total income declined to Rs 843 crore from Rs 972 crore during the recently concluded quarter," MTNL said in a filing to the stock exchanges.
The stock hit an all-time low of Rs 36.50 after opening at Rs 38.45 on the National Stock Exchange (NSE). A combined 288,600 shares have changed hands on the counter in morning deals.
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