Lower loss propels R-Com

Mumbai: Shares of Reliance Communications (R-Com) on Tuesday jumped nearly 10.5 per cent after the company managed to narrow its consolidated loss to Rs 130 crore for the quarter ended December 2017.

The R-Com scrip gained 10.46 per cent, or Rs 2.85, to end at Rs 30.10 on the BSE. During the day, it rose around 19 per cent to Rs 32.40.

On the NSE, the shares surged 10.47 per cent to close at Rs 30.05. The rise saw its market valuation gaining Rs 788.25 crore to Rs 8,324.25 crore.

In terms of equity volume, 276.85 lakh shares of the company were traded on the BSE and over 30 crore shares changed hands on the NSE

R-Com on Monday reported a lower consolidated loss of Rs 130 crore for the December quarter, mainly on account of the closure of its loss-making mobile business.

The Anil D Ambani-led company had posted a loss of Rs 531 crore in the same period a year ago. During the second quarter of this year, the losses stood at Rs 2,712 crore.

Reliance Communications (RCOM)