Shares of Anil Ambani-led Reliance Power fell about 24 per cent Monday after dismal results in the fourth quarter of FY19. The firm posted a loss Rs 3,558.51 crore for the period under review compared to a net profit of Rs 189.21 crore in the year-ago period, the company’s exchange filing showed. Reliance Power posted a net loss of Rs 2,951.82 crore for compared to a net profit Rs 840.46 crore in full FY18, the company filing also said. The stock declined 23.66 per cent to Rs 4.71, a 52-week low, on the BSE today. The scrip plunged 21.13 per cent to touch a one-year low of Rs 4.85 on the NSE. The shares were trading at Rs 5.23, down 0.94 points, or 15.24 per cent, at the time of reporting.
On June 8, the company board gave approval to the audited financial results for the quarter and financial year ended March 2019, the regulatory filing said, It also approved raising resources by issuing debt securities by way of privately placed debentures, subject to approval.
Other than the shares of Reliance Power, the market also saw selling in group shares. While Reliance Naval and Engineering fell 13.41 per cent, Reliance Infrastructure and Reliance Capital plunged 11.95 per cent and 10.54 per cent, respectively, on the BSE. On Friday, ahead of the earnings results, the investors had turned jittery as Reliance Infrastructure shares fell to a 15-year low of Rs 72.80, down 14.30 per cent in intra-day on the BSE.
Meanwhile, Reliance Infra has delayed the announcement of its Q4 results. The company was slated to delcare results for the quarter ending March on June 7 but failed to do such. “The board of the company will meet on June 14 to consider and approve to consider and approve audited financial results for the quarter and financial year ended March 31, 2019 and dividend, if any,” the company in a regulatory filing.
Source: Financial Express, June 10, 2019