Reliance Communications stock tanks over 8% as Sep quarter loss weighs

Shares of debt-ridden Reliance Communications (RCom) on Monday tumbled over 8 per cent after the company posted a consolidated loss of Rs 30,142 crore for September quarter 2019.

The company's scrip dropped 3.39 per cent to close at Rs 0.57 -- its record low -- on the BSE.

At the NSE, it tanked 8.33 per cent to close at Rs 0.55.

RCom on Friday posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.

The company, which is going through insolvency process, had made a profit of Rs 1,141 crore in the corresponding three months a year ago.

The apex court last month upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual adjusted gross revenue (AGR), a share of which has to be paid as licence and spectrum fee to the exchequer.

RCom Chairman Anil Ambani along with four directors has resigned from the company, which is going through insolvency process, according to a regulatory filing.

Chief financial officer Manikantan V has also resigned, the filing said.

"Anil D Ambani, Chhaya Virani, Manjari Kacker have tendered their resignation as Director of Company on November 15th, 2019," the filing said.