NEW DELHI Nov 8 India's Reliance Communications
Ltd reported a sharper-than-expected 60 percent
decline in quarterly profit as the country's No.3 mobile phone
carrier by customers struggles with its heavy debt load.
Consolidated net profit fell to 1.02 billion rupees ($19
million) for its fiscal second quarter ended September, from
2.52 billion rupees reported a year earlier, Reliance
Communications, controlled by billionaire Anil Ambani, said in a
statement on Thursday.
Analysts had expected the company to report a net profit of
1.64 billion rupees, according to Thomson Reuters I/B/E/S.
Shares in Reliance Communications, valued at $2.2 billion,
closed 1.4 percent higher ahead of the earnings announcement.
The stock is down 16 percent this year, underperforming the
benchmark Mumbai index that is up 22 percent.
($1 = 54.0650 Indian rupees)
(Reporting by Devidutta Tripathy; Editing by Matt Driskill,