Tata Comm shares drop over 6 pc on weak Q3 results

Shares of Tata Communications today tumbled over 6 per cent as the company reported a steep 79.8 per cent decline in net profit for the October-December quarter of 2015-16.
The stock dipped by 5.76 per cent to settle at Rs 381.25 on BSE. During the day, it slumped 10.19 per cent to Rs 363.30.
At NSE, shares of the company slipped 6.2 per cent to end at Rs 380.40.
The company's market valuation fell by Rs 663.37 crore to Rs 10,865.63 crore.
Tata Communications yesterday posted a decline in consolidated net profit by 79.8 per cent at Rs 21.89 crore in the quarter ended December 31.

The company had reported a net profit of Rs 108.53 crore in the same period a year-ago.
The consolidated total income of the company, however, increased 3.7 per cent to Rs 5,099.5 crore during the quarter under review from Rs 4,914.51 crore in the corresponding period of 2014-15.
Tata Communications reported decline in its voice service business, but data services business witnessed growth during the quarter.