INSUBCONTINENT EXCLUSIVE:
Shares of Reliance Infrastructure dipped as much as 10 per cent in early trade on Monday after the company reported a net loss of Rs 3,301
crore for the fourth quarter of 2018-19, its biggest ever, as it undertook impairment and write-offs of over Rs 8,500 crore.
The scrip was
trading nearly 11 per cent down at Rs 52.70 at around 9.17 am (IST), while the BSE Sensex was down over 50 points at around the same time
RInfra setoff exceptional losses against Rs 6,616 crore from general reserves to reduce the net impact, without which the losses would have
Total consolidated income in the March quarter was Rs 4,234 crore, against Rs 3,709 crore a year ago, the company said while announcing its
results after 11:30 pm on Friday, after deferring its board meeting for the financial results twice.
The auditors said they do not have
entities that were doing engineering, procurement and construction jobs for the company
RInfra has also extended corporate guarantees during the year worth Rs 1,775 crore in favour of these entities
The auditor said they did not have sufficient and appropriate audit evidence about the relationship of these companies with RInfra, or the
The company also booked losses on its investments in Reliance Power, where it owns 33.1 per cent, after huge impairments and write-offs in
Other group companies including Reliance Capital (RCap), Reliance Power (RPower) and Reliance Communications were trading nearly 7 per
cent, 3 per cent and 5 per cent, respectively, down at around the same time.
