Reliance Communications shares fall as earnings disappoint

May 05 2014, 10:00 IST
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Reliance Communications' consolidated net profit dropped more than expected in the January-March quarter. (Reuters) Reliance Communications' consolidated net profit dropped more than expected in the January-March quarter. (Reuters)
SummaryAnil Ambani-led Reliance Communications' consolidated net profit fell 48.5 pct to $26 mn in Q4.

Shares in Reliance Communications Ltd fell as much as 2.7 per cent on Monday after the mobile carrier's consolidated net profit dropped more than expected in the January-March quarter.

Reliance Communications, controlled by billionaire Anil Ambani, said late on Friday consolidated net profit fell 48.5 percent to 1.56 billion rupees ($26 million) for its fourth quarter, from 3.03 billion rupees reported a year earlier.

Analysts on average had expected a net profit of 2.15 billion rupees, according to Thomson Reuters data. The results of the latest and the year-ago quarters included one-off items.

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