Shares of Reliance Communications (Rcom) today fell by nearly 4 per cent after it reported a 22.36 per cent drop in the consolidated net profit for quarter ended March 31, 2016.
Rcom's scrip declined by 3.87 per cent to Rs 47.10 on BSE.
At NSE, shares of the company went down by 3.78 per cent to Rs 47.
Rcom yesterday reported a 22.36 per cent drop in its consolidated net profit to Rs 177 crore for the quarter under review on account of rise in expenses.
The company had reported a net profit of Rs 228 crore in the corresponding period of the preceding fiscal.
Total expenses increased to Rs 5,219 crore in the reported quarter as compared to Rs 4,722 crore in the year-ago period, the company had said in a filing to the BSE.
Total income from operations declined by 1.35 per cent to Rs 5,617 crore in the same period.
On yearly basis, the net profit stood at Rs 681 crore for 2015-16 as compared to Rs 714 crore previous fiscal.
Total income was Rs 21,711 crore in the reported fiscal, as compared to Rs 21,770 crore last year.
