Reliance Comm shares fall on December-quarter results
MUMBAI (Reuters) - Shares in Reliance Communications Ltd (RLCM.NS) fell as much as 10.2 percent on Thursday, after India's No.3 mobile phone carrier by customers posted its second consecutive quarterly decline in profit on Wednesday.
Consolidated net profit at the carrier, controlled by billionaire Anil Ambani, fell a sharper-than-expected 44 percent to 1.05 billion rupees for its fiscal third quarter ended December.
Reliance Communications shares ended down 9.14 percent at 80 rupees. They earlier touched a low of 79.10 rupees.
(Reporting by Abhishek Vishnoi)
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Japan's NTT DoCoMo will unload its 26.5 percent stake in loss-making Indian mobile phone joint venture Tata Teleservices and exit the country as it struggles with tough price competition, sources familiar with the matter said. Full Article | Quote