 "Reliance Communications stock tanks over 8% as Sep quarter loss weighs")
Shares of debt-ridden Reliance Communications (RCom) on Monday tumbled over 8 per cent after the company posted a consolidated loss of Rs 30,142 crore for September quarter 2019.
The company's scrip dropped 3.39 per cent to close at Rs 0.57 -- its record low -- on the BSE.
At the NSE, it tanked 8.33 per cent to close at Rs 0.55.
RCom on Friday posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
The company, which is going through insolvency process, had made a profit of Rs 1,141 crore in the corresponding three months a year ago.
The apex court last month upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual adjusted gross revenue (AGR), a share of which has to be paid as licence and spectrum fee to the exchequer.
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RCom Chairman Anil Ambani along with four directors has resigned from the company, which is going through insolvency process, according to a regulatory filing.
Chief financial officer Manikantan V has also resigned, the filing said.
"Anil D Ambani, Chhaya Virani, Manjari Kacker have tendered their resignation as Director of Company on November 15th, 2019," the filing said.