MTNL hits all-time low as loss widens

The company decided to offer VRS to about 20,000 employees, as part of its efforts to turn profitable.

Mahanagar Telephone Nigam Limited (MTNL) is trading lower by 2.2% at Rs 22.20, its all-time low, after its net loss widened to Rs 1,374 crore for the quarter ended March 31, 2012 as compared to Rs 1,100 crore in the corresponding period of last year, due to higher employee cost.

The total income from operations, however, rose by about 4% to Rs 843 crore on year-on-year basis, during the recently concluded quarter.

Meanwhile, the state-owned company has decided to offer voluntary retirement scheme (VRS) to about 20,000 employees, as part of its efforts to turn profitable, the report suggests.

A combined around 80,000 shares have changed hands on the counter so far on both the exchanges.