RCom Q2 net plunges 60 per cent
Nov 08 2012 , New Delhi
Consolidated net profit fell to Rs 1.02 billion 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 Rs 1.64 billion, 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.