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Religare Enterprises Q2 loss narrows to Rs 31 crore

Press Trust of India  |  New Delhi 

today reported its standalone net loss of Rs 30.50 crore for the second quarter ended September 30.

It had posted a net loss of Rs 39.54 crore in the July- September quarter of 2017-18.

Total of the company was at Rs 17.86 crore during the second quarter of 2017-18 compare to Rs 11.85 crore in same period previous fiscal.

In a statement issued separately, said it has appointed former Home Secretary S Lakshminarayanan as its new executive chairman.

He is currently non-executive chairman of Shriram Transport

Following this board decision, promoter Malvinder Mohan Singh will relinquish his position as non-executive chairman and continue as a non-executive board member. He also resigned as CEO.

Besides, the board has also roped in former Deputy Governor of Reserve of Kishori Udeshi.

The statement further said the board has expressed its intent to raise primary capital in and its key subsidiaries.

It will review various strategic options, including partnerships with complimentary businesses.

Religare Enterprises stock closed 5.72 per cent down at Rs 42 per unit on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 14 2017. 20:42 IST