The debt-ridden company reported shrinking of consolidated loss to Rs 130 crore for December quarter.
New Delhi: Shares of Reliance Communications on Tuesday soared over 19 per cent after the company reported narrowing of consolidated loss to Rs 130 crore for the quarter ended December 2017.
The stock jumped 18.89 per cent to Rs 32.40 on BSE. On NSE, shares of the company zoomed 19.11 per cent to Rs 32.40. The debt-ridden company on Monday reported shrinking of consolidated loss to Rs 130 crore for the December quarter, mainly on account of closure of its loss-making mobile business.
The company had reported a loss (attributable to equity holders) of Rs 531 crore in the same period a year ago. It also sharply lowered its loss from Rs 2,712 crore in the July- September quarter of the ongoing fiscal.
"RCom's planned exit from the consumer business has achieved more than the desired results. RCom has reduced its net loss by over 95 per cent. Rcom expects to deliver even better financial performance in the coming quarters," RCom Chairman Anil D Ambani said in a statement.