Anil Dhirubhai Ambani Group (ADAG) stocks tumbled heavily in the late afternoon deals on Tuesday with shares of Reliance Naval and Engineering Ltd falling more than 18% to an all-time low after company's Q4 net loss widened nearly three-fold.
Anil Dhirubhai Ambani Group (ADAG) stocks tumbled heavily in the late afternoon deals on Tuesday with shares of Reliance Naval and Engineering Ltd falling more than 18% to an all-time low after company’s Q4 net loss widened nearly three-fold while the stock of Anil Ambani’s telecom company RCom dropped 19%. Shares of the defence and engineering firm Reliance Naval extended losses in the mid-morning trades on Tuesday after opening lower 9% lower at Rs 24.55. Earlier yesterday, Reliance Naval and Engineering Ltd said that its net loss has broadened to Rs 408.6 crore for the quarter finished 31 March 2018 as compared to the net loss of Rs 139.92 crore reported in the same quarter of previous year.
On the jitters of net loss swelling nearly three-fold, the stock of Reliance Naval and Engineering Ltd crumbled as much as 18.15% to a record low of Rs 22.1 on Tuesday from a share price level of Rs 27 as on 23 April 2018. Unusually high trading volumes were witnessed in the shares of Reliance Naval and Engineering Ltd, as at 2:48 pm 2.5 crore equity shares exchanged hands on both NSE and BSE with about 2.13 crore shares on NSE alone. Reliance Naval and Engineering Ltd’s standalone net income declined steeply to Rs 34.7 crore in the last quarter of the financial year 2017-2018. Reliance Naval and Engineering Ltd posted a net income of Rs 250.8 crore in the corresponding quarter of the financial year 2016-2017.
On the other hand, the stock of telecommunications arm of ADAG group Reliance Communications (RCom) plunged 18.95% to a day’s bottom of Rs 16.25 on BSE on Tuesday. The stock of RCom also faced massive volumes, as more than 10.9 crore shares of RCom were traded, up until 2:49 pm, on NSE and BSE. Other ADAG stocks which also fell considerably on Tuesday include Reliance Power down 7.18% at Rs 35.55; Reliance Capital down 3.19% at Rs 415.95; Reliance Infrastructure down 3.4% at Rs 434.55; Reliance Nippon Life Asset Management Company down 0.86% at Rs 255.1 and Reliance Home Finance down 4.39% at Rs 61. The stock of Reliance Industrial Infrastructure was the only ADAG stocks which was trading in the green, up 2% at Rs 462.3.