RCom shares tank over 20%; mcap dives Rs 1,318 cr post-results

Shares of Reliance Communications witnessed heavy selling today, plunging over 20 per cent after it reported a loss of Rs 948 crore for the fourth quarter ended March 2017.
The stock crashed 20.54 per cent to settle at Rs 20.50 on BSE. During the day, it dived 23.64 per cent to Rs 19.70 -- its 52-week low.
At NSE, shares of the company plummeted 20.38 per cent to end at Rs 20.50.
The company's market valuation also declined by Rs 1,318.59 crore to Rs 5,102.41 crore.
In terms of volume, 186.26 lakh shares of the company were traded on BSE and over 11 crore shares changed hands at NSE during the day.

Hurt by intense price war triggered by Jio, telecom player Reliance Communications on Saturday logged a loss of Rs 948 crore for the March quarter.

It had registered net profit of Rs 79 crore in the same period of the previous year, as per a regulatory filing.
"The telecom sector in India has been very adversely impacted during 2016-17 by competitive intensity on a scale never witnessed before in the country," RCom said in a statement.
The loss -- after minority interest -- widened to Rs 966 crore in the just-concluded quarter against Rs 531 crore in the December quarter, according to the statement.