Reliance Infra shares tank 14% post disappointing Q4 earnings
Updated : June 17, 2019 09:54 AM IST
Shares of Reliance Infrastructure plunged 14 percent intraday after the Anil Ambani-led company reported a consolidated net loss of Rs 3,301 crore in the fourth quarter of 2018-19, its biggest ever loss.
In its press release, the company said, "Net loss is largely a result of one-time impairment of Reliance Naval and Engineering Ltd acquired in 2016 which was already NPA (non-performing asset ) company."
The company during the quarter undertook write-offs and impairment of over Rs 8,500 crore. The write-off also includes one time sale of power distribution business in Mumbai used to offset one time loss on sale of RPower shares by the lenders and one-time losses consolidated from RPower.