NEW DELHI: Shares of Anil Ambani-led Reliance Power plunged 24 per cent in the Monday morning session at the Bombay Stock Exchange, hitting a new low of Rs 4.71 after the company posted a huge loss in the January-March quarter.
During the day, the share slightly recovered to close at Rs 5.75 a piece, down 6.81 per cent. RPower on Friday posted a net loss of Rs 3,558.51 crore for the quarter ended March, dented by the impairment and higher finance costs, as against a profit of Rs 189.21 crore a year ago. Total income in the quarter declined to Rs 1,687.86 crore from Rs 2,321.68 crore.
The company made a withdrawal of Rs1,017 crore from its general reserves, reducing the impact of the one-time impairment and writeoff. Auditors highlighted that the losses would have been higher without this.