Reliance Comm shares fall as earnings disappoint

Shares in Reliance Communications Ltd(RLCM.NS) fell as much as 2.7 percent on Monday after the mobile carrier’s consolidated net profit dropped more than expected in the January-March quarter.

Reliance Communications, controlled by billionaire Anil Ambani, said late on Friday consolidated net profit fell 48.5 percent to 1.56 billion rupees ($26 million) for its fourth quarter, from 3.03 billion rupees reported a year earlier.

Analysts on average had expected a net profit of 2.15 billion rupees, according to Thomson Reuters data. The results of the latest and the year-ago quarters included one-off items.