Reliance Power shares plunge nearly 24 pc post Q4 results; other group stocks tumble too

Shares of Reliance Power tumbled nearly 24 per cent Monday after the company reported a loss of Rs 3,558.51 crore for the quarter ended March 31.

The scrip plunged 23.66 per cent to Rs 4.71 -- its 52-week low -- on the BSE.

At NSE, shares of the company cracked 21.13 per cent to hit a one-year low of Rs 4.85.

Anil Ambani Group firm Reliance Power Sunday reported a loss of Rs 3,558.51 crore for the quarter ended March 31, 2019 as against a net profit of Rs 189.21 crore in the year-ago period.

In a filing to the BSE, Reliance Power said the board in its meeting on June 8 approved the audited financial results for the quarter and financial year ended March 2019, and also approved raising resources by issuing debt securities by way of privately placed debentures, subject to approvals.

For full fiscal, Reliance Power reported a net loss of Rs 2,951.82 crore as against a net profit Rs 840.46 crore in 2017-18.

Selling was also seen in other group shares, with Reliance Naval and Engineering plunging 13.41 per cent, Reliance Infrastructure 11.95 per cent and Reliance Capital 10.54 per cent on the BSE.