MUMBAI, Apr 27: Shares of telecom tower firm GTL Infrastructure today plunged 6.5 per cent after the company’s March quarter numbers failed to impress investors.
After opening on a weak note, the stock further declined by 4.78 per cent to Rs 2.19 on BSE.
On NSE, it tumbled 6.52 per cent to Rs 2.15.
GTL Infrastructure yesterday said its stand-alone net loss has narrowed to Rs 92.75 crore in the March quarter.
It had reported a net loss of Rs 100.2 crore for the same period last fiscal, GTL Infrastructure had said in a BSE filing.
Total income of the company stood at Rs 155.9 crore for January-March of 2015-16 compared with Rs 155.5 crore in the previous fiscal.
“A severe dip in the market outlook followed with slower 3G/4G rollouts and a general stagnation of economy resulted in our customers (telcos) reviewing their respective business plans, curtailing their capex spend.
“Some others planned to exit non-viable business circles. This, in turn, affected planned growth and cash flows of the company,” it said. (PTI)
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