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ADAG Shares Slump: RInfra Slips 10% On Posting Biggest Ever Quarterly Loss

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Anil Dhirubhai Ambani Group (ADAG) stocks tanked on Monday, continuing their downward tumble for more than seven trading sessions.

 

Reliance Infrastructure announced its earnings results for the January-March 2019, late on Friday. It reported a net loss of Rs 3,301 crore, its biggest ever, on making impairment and write-offs worth over Rs 8,500 crore.

ADAG Shares Slump: RInfra Slips 10% On Posting Biggest Ever Quarterly Loss

Following the results, shares of Reliance Infra fell as much as 10 percent to hit an intra-day low of Rs 50.50 apiece on NSE. The company set off exceptional losses against Rs 6,616 crore from its general reserves to reduce the impact of the loss.

It reported total consolidated income for the quarter at Rs 4,234 crore, as against Rs 3,709 crore a year ago. RInfra had deferred its board meeting for the financial results twice.

The auditors, BSR & Co LLP and Pathak HD & Associates, in their report said that they do not have sufficient evidence to say if the results gave a "true and fair" view of the company's losses and income.

Among others, RInfra booked losses on its investments in Reliance Power, where it owns 33.1 percent.

 

Shares of other ADAG companies also suffered losses in the morning trade on Monday. While Reliance Capital fell 7 percent, Reliance Power and Reliance Communications were trading close to 3 percent and 5 percent lower, respectively.

GoodReturns.in

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