RCom down nearly 6% in early trade

Shares of Reliance Communications on Thursday declined by nearly 6 per cent, after the company reported 43.5 per cent fall in consolidated net profit for the October-December quarter.

After a weak opening, shares of the company dropped further by 5.78 per cent to trade at Rs 83 on the Bombay Stock Exchange.

At National Stock Exchange, RCom was down 5 per cent at Rs 83.60.

Reliance Communications yesterday reported 43.5 per cent decline in consolidated net profit at Rs 105 crore (Rs 1.05 billion) because of refinancing of debt during the third quarter ended December 31.

RCom, however, reported standalone net profit of Rs 110 crore (Rs 1.1 billion) during the reported quarter against net loss of Rs 277 crore (Rs 2.77 billion)

it registered for the same period a year ago.

Dip in the stock was in sync with an overall weak stock market with the BSE benchmark Sensex trading down 110.75 points at 19,915.86 at 1017 hours.