Reliance Communications in the first quarter has faced a massive loss of Rs 1,210 crore, the company witnessed a 33 percent dip in its total income in the beginning quarter of financial year 2017-18. As reported by news agency PTI, a Rs 3,591 crore downfall in its income has been registered by the company. The company has been facing business loss for some time now, in the final quarter of the FY 2016-17 Reliance Communication had suffered a loss of Rs 948 crore that ended March 2017.
Shares of R Comm closed at 20.75 down by 2.12 percent on the BSE on Saturday as the board met to review the matters regarding the proposed merger with Aircel. The merger valued at $6 billion has already received the approval of the Securities and Exchange Board of India (SEBI), Competition Commission of India (CCI) and both BSE and NSE. The company aims at completing the merger by September this year.
Reliance Communications is an Anil Ambani owned company.