Moneycontrol
Nov 14, 2017 10:28 PM IST | Source: PTI

Religare Enterprises Q2 loss narrows to Rs 31 crore

Religare Enterprises on Tuesday reported its standalone net loss of Rs 30.50 crore for the second quarter ended September 30.

 
 
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Religare Enterprises on Tuesday reported its standalone net loss of Rs 30.50 crore for the second quarter ended September 30.

It had posted a net loss of Rs 39.54 crore in the July- September quarter of 2017-18.

Total income of the company was at Rs 17.86 crore during the second quarter of 2017-18 compared to Rs 11.85 crore in the same period previous fiscal.

In a statement issued separately, Religare Enterprises said it has appointed former Home Secretary S Lakshminarayanan as its new executive chairman.

He is currently non-executive chairman of Shriram Transport Finance.

Following this board decision, promoter Malvinder Mohan Singh will relinquish his position as non-executive chairman and continue as a non-executive board member. He also resigned as CEO.

Besides, the board has also roped in former Deputy Governor of Reserve Bank of India Kishori Udeshi.

The statement further said the board has expressed its intent to raise primary capital in Religare Enterprises and its key subsidiaries.

It will review various strategic options, including partnerships with complementary businesses.

Religare Enterprises stock closed 5.72 percent down at Rs 42 per unit on BSE.
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