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Monday, 29 May 2017

Reliance Communications has witnessed huge sell-off in the Monday’s trading session. The stock has touched its intraday low of Rs 19.7 per share down by 23.6% as of 1209 hours on Monday. The stock has attracted the huge volume of 6,01,66,016 shares and traded value of Rs 131.22 Cr as of 1209 hours on NSE.

Reliance Communications on Saturday reported a consolidated net loss of Rs 948 crore for the quarter ended March 31, 2017. The company had posted a net profit of Rs 79 crore in the same quarter of the previous year.

The company incurred losses due to free offers, disruptive pricing and hyper competition prevailing in the telecom sector, as per BSE filing. The company is under the heavy debt load. The leading business news agency reported that the company had delayed repayment of loans to more than 10 banks.

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