Reliance Infrastructure fell to a fresh low after a record quarterly loss1 min read . Updated: 17 Jun 2019, 12:38 PM IST
- Shares of Reliance Capital have tumbled 68.81% this year
- The company reported a consolidated net loss of ₹3,301 crore in Q4
Mumbai: Shares of Anil Ambani-led Reliance Infrastructure fell as much as 11% to ₹52.70 a fresh low after it posted its biggest-ever quarterly loss on impairments for subsidiaries.
The stock touched its 52-week low of ₹52.70 during Monday's session.
Reliance Infrastructure reported a consolidated net loss of ₹3,301 crore for quarter ended March against a net profit of ₹133.66 crore for the same quarter last year, the loss was as it took impairments of around ₹8,481.08 crore.
Net loss was largely due to one-time impairment on Reliance Naval and Engineering, acquired in 2016 and had written-off its entire investment in Reliance Naval and said it has potential to be written back upon successful debt resolution.
It also took impairment for its investments in Reliance Power. Auditors cited doubts over its ability to continue as a going concern.
Shares of Reliance Capital have tumbled 68.81% this year, compared with an 8.71% gain in the benchmark S&P BSE Sensex index. Reliance Power Ltd. and Reliance Infrastructure Ltd. have plunged about 81.68% and 82.74% respectively in the same period, while Reliance Communications Ltd. slid 89.24%.
Anil Ambani on Tuesday that the group was fully committed to meeting all its future debt servicing obligations in a timely manner through asset sales that are already at various stages of implementation.
He said that the group has already serviced debt of ₹35,000 crore to its various lenders in the past 14 months, including ₹24,800 crore in principal payments and ₹10,600 crore in interest payments.
(Bloomberg contributed to the story)