Tata Comm shares tank over 5% on Q2 loss
Tata Communications' shares today
declined by over 5 per cent after it registered consolidated
loss of Rs 250 crore for the September quarter.
The stock went down by 4.80 per cent to end at Rs 677.90
on BSE. Intra-day, it plunged 5.90 per cent to Rs 670.
On NSE, shares of the company dropped 5.20 per cent to
close at Rs 675.70.
Tata Communications yesterday registered consolidated
loss of Rs 250 crore in the July-September quarter of 2017-18,
chiefly because of its investment in sister concern Tata
The company had posted profit of Rs 39.96 crore in the
Its consolidated revenue declined 7.31 per cent to Rs
4,218 crore during the quarter under review, from Rs 4,509
crore in the previous fiscal.
"PAT (profit after tax) recorded negative at Rs 250 crore
on account of additional provision of Rs 186 crore as per the
contractual obligation to Tata Sons on the Tata Teleservices
investment and due to other one-time exceptional provisions of
Rs 27 crore," Tata Communications said in a statement.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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