Reliance Infrastructure fell to a contemporary low after a file quarterly loss

Mumbai: Shares of Anil Ambani-led Reliance Infrastructure fell as a lot as 11% to 52.70 a contemporary low after it posted its biggest-ever quarterly loss on impairments for subsidiaries.

The inventory touched its 52-week low of 52.70 throughout Monday’s session.

Reliance Infrastructure reported a consolidated web lack of 3,301 crore for quarter ended March in opposition to a web revenue of 133.66 crore for a similar quarter final yr, the loss was because it took impairments of round 8,481.08 crore.

Internet loss was largely attributable to one-time impairment on Reliance Naval and Engineering, acquired in 2016 and had written-off its whole funding in Reliance Naval and mentioned it has potential to be written again upon profitable debt decision.

It additionally took impairment for its investments in Reliance Energy. Auditors cited doubts over its capability to proceed as a going concern.

Shares of Reliance Capital have tumbled 68.81% this yr, in contrast with an 8.71% acquire within the benchmark S&P BSE Sensex index. Reliance Energy Ltd. and Reliance Infrastructure Ltd. have plunged about 81.68% and 82.74% respectively in the identical interval, whereas Reliance Communications Ltd. slid 89.24%.

Anil Ambani on Tuesday that the group was absolutely dedicated to assembly all its future debt servicing obligations in a well timed method via asset gross sales which are already at varied levels of implementation.

He mentioned that the group has already serviced debt of 35,000 crore to its varied lenders prior to now 14 months, together with 24,800 crore in principal funds and 10,600 crore in curiosity funds.

(Bloomberg contributed to the story)

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