Reliance Communications shares slid nearly 4 per cent on Tuesday after the company reported a 22.37 per cent fall in the consolidated net profit at Rs 177 crore for quarter ended March 31, 2016 on account of rise in expenses. The company had reported a net profit of Rs 228 crore in the corresponding period of the preceding financial year.
Total expenditure of the company jumped to Rs 3,960 crore in the quarter under review from Rs Rs 3,727 crore in the year-ago period.
Total income from operations declined by 1.35 per cent to Rs 5,617 crore from Rs 5694 crore during the same period.
On yearly basis, the net profit stood at Rs 681 crore for 2015-16 as compared to Rs 714 crore last year.
The share price of Reliance Communications settled 3.98 per cent down at Rs 47.05. The scrip opened the day at Rs 49.50 and has touched a high and low of Rs 49.60 and Rs 46.55, respectively, in trade so far. Sensex closed 57 points down at 26,667.96.