RCom turns volatile on Anil Ambani's exit, dismal Q2 numbers

Shares of Reliance Communication (RCom) turned volatile after the company's chairman Anil Ambani resigned as director of the company.

RCom in a filing on Saturday said that Anil Ambani, Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have tendered their resignation from the office of directors.

Further, Manikantan V also tendered his resignation as director and chief financial officer (CFO) of the company, which is pending for approval before the committee of creditors (COC).

The announcement came a day after RCom reported net loss of Rs 28,909.82 crore in Q2 September 2019, higher than net loss of Rs 285 crore in Q2 September 2018. Net sales tumbled 69.08% to Rs 302 crore in Q2 September 2019 over Q2 September 2018. The result was declared after market hours on Friday, 15 November 2019.

RCom set aside Rs 28,314 crore on account of provisioning after a recent Supreme Court verdict on calculation of annual adjusted gross revenue (AGR) of telecom companies.

Anil Ambani held 18.59 crore equity shares, or 0.07% stake, in RCom as on 30 September 2019.

The S&P BSE Sensex was down 30 points or 0.07% to 40,326.82. The stock was trading in the range of Rs 1,195.60 to Rs 1,235.45 so far during the day.

Shares of RCom advanced 3.39% to Rs 0.61 on BSE. The stock fell as much as 3.39% in early trade to hit the day's low of Rs 0.57.

Reliance Communications is a telecommunications service provider which operates through two segments: India operations and global operations.

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