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

Teleservices.

The company had posted profit of Rs 39.96 crore in the

year-ago period.

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.)