Tata Comm share price slips 6% post Q3 results; govt looking to sell entire stake in the company
Company's revenue for the quarter was down 4.1% at Rs 4,222.8 crore against Rs 4,401.1 crore, QoQ.
January 20, 2021 / 11:01 AM IST
Tata Communications share price slipped 6 percent in the early trade on January 20 after the company reported its December quarter numbers.
The company in the quarter ended December 2020 has posted a 19.6 percent fall in its consolidated net profit at Rs 309.4 crore versus Rs 384.8 crore in the quarter ended September 2020.
The profit included a one-time loss of Rs 11.4 crore.
Its revenue for the quarter was down 4.1 percent at Rs 4,222.8 crore against Rs 4,401.1 crore in the previous quarter. Other income of the company stood at Rs 8.2 crore versus Rs 76.1 crore.
Government is looking to sell its entire 26.12 percent stake in the company via offer for sale (OFS) to the strategic partner, reported CNBC-TV18.
As per the shareholding data on the BSE, Rekha Rakesh Jhunjhunwala bought 32,00,687 equity shares (1.12 percent) in the company in the quarter ended December 2020
At 09:23 hrs, Tata Communications was quoting at Rs 1,078.05, down Rs 51.00, or 4.52 percent on the BSE.
The share touched its 52-week high Rs 1,168.80 and 52-week low Rs 205.70 on 12 January 2021 and 19 March 2020, respectively.
Currently, it is trading 7.76 percent below its 52-week high and 424.09 percent above its 52-week low.